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Wipro profit misses consensus by 25.3% in fiscal Q1

Wipro Ltd. said its normalized net income for the fiscal first quarter ended June 30 amounted to 3.33 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.46 rupees per share.

EPS declined year over year from 3.48 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.39 billion rupees, a decline from 17.11 billion rupees in the year-earlier period.

The normalized profit margin declined to 12.1% from 14.0% in the year-earlier period.

Total revenue increased 11.1% year over year to 135.99 billion rupees from 122.38 billion rupees, and total operating expenses climbed 14.4% from the prior-year period to 114.13 billion rupees from 99.72 billion rupees.

Reported net income declined 6.4% from the prior-year period to 20.52 billion rupees, or 4.17 rupees per share, from 21.92 billion rupees, or 4.46 rupees per share.

As of July 25, US$1 was equivalent to 67.44 Indian rupees.