Wipro, the country’s No 3 IT services exporter, posted a consolidated net profit of ₹2,267 crore for the fourth quarter ended March 31, 2017, up 7.5 per cent on a sequential basis.

The Bengaluru-based IT major announced on Tuesday that it had clocked revenues of $1.94 billion, an increase of 2.7 per cent sequentially with a 1.7 per cent QoQ growth in constant currency, towards the upper end of the guidance range of 1-2 per cent. For whole of FY17, the company delivered 7 per cent revenue growth in constant currency terms and 4.9 per cent rise in dollar terms. In rupee terms, revenues grew 2.6 per cent QoQ to ₹13,987 crore.

Wipro, however, came up with a disappointing guidance on the back of protectionism measures in its key markets — the US, Europe and Australia — which could hurt its bottomline in the long run.

The better-than-expected revenues for Q4 (January-March) FY 2017 was driven by sequential growth in BFSI, recovery in ‘Energy and Utilities’, and growing demand for digital services. However, the company’s negative 2 per cent to flat dollar revenue guidance of $1.915 billion to $1.955 billion for the first quarter of 2017-18 disappointed.

Wipro announced the issue of bonus shares in the ratio of 1:1 and said it will consider a proposal for buyback of equity shares in July.

The move comes as its larger peers such as TCS and Infosys have already announced mega share buybacks to reward shareholders. The company also reappointed Azim Premji as its Chairman for another two years.

Commenting on the performance, Abidali Z Neemuchwala, Wipro CEO and member of the board, said: “We delivered revenues within the guidance range in Q4 and are confident that the recovery in ‘Energy & Utilities’ and our demonstrated strength in ‘Digital’ will help us improve our growth trajectory during the course of the current financial year.”

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