Wipro quarterly net profit rises 18%, beats estimates as Azim Premji talks positive

Jan 19 2013, 11:18 IST
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Wipro Ltd's Oct-Dec profit jumped 18% to Rs 1,716.4 crore, revenue soared 10% to Rs 10,989.1 crore.  (Reuters) Wipro Ltd's Oct-Dec profit jumped 18% to Rs 1,716.4 crore, revenue soared 10% to Rs 10,989.1 crore. (Reuters)
SummaryWipro's consolidated revenue grew 10.27% to Rs 10,989 crore from Rs 9965 crore a year ago.

growing sequentially... Utilities and energy continue to be best performing verticals and it has seen deal closures there and in some other sectors like healthcare," Kurien said.

Wipro's IT services segment had 1,42,905 employees as of December 31, 2012, an increase of 2,336 people in the quarter.

It added 50 new customers in the reported quarter.

Wipro's Executive Director and CFO Suresh Senapaty said: "We have expanded operating margins sequentially through improvements in revenue productivity and improved cash flow generation through efficient working capital management."

The company's IT products segment recorded revenue of Rs 997 crore for the quarter, a year-on-year increase of 11 per cent, while consumer care and lighting business segment posted Rs 1,028 crore, a gain of 17 per cent year-on-year.

Both businesses contribute about nine per cent each to its total revenue.

In November, the company had announced demerger of its non-IT businesses like Consumer Care & Lighting into a new company to focus exclusively on information technology.

Premji also welcomed the deferment of GARR and implementation of recommendations of the Rangachary Committee, which has dealt with the tax disputes the industry has been facing.

Wipro Outlook: Demand environment better but unsure about IT budgets, says Wipro

Country's third largest software services provider Wipro today said notwithstanding the improvement in demand scenario, there is still uncertainty over IT budgets for the next fiscal.

"There has been a big change in just the environment itself, it has become a little more positive. That's the good news.

"The bad news is that from our perspective we see two challenges - one is that we see the fiscal cliff talks still continuing and we don't know when finally the budgets would come in and what it would mean in terms of buying in this quarter," Wipro IT Business Executive Director and CEO T K Kurien said.

Wipro registered a 18 per cent jump in net profit and 10 per cent increase in revenues in the October-December 2012 quarter.

The IT services revenue, which accounted for 78 per cent of its revenues, stood at USD 1.577 billion (Rs 8,602 crore) in the reported quarter, meeting its guidance of USD 1.560 billion to USD 1.590 billion for the quarter.

Wipro expects its revenues from IT services business to be in the range of USD 1.585 billion to USD 1.625 billion for the quarter ended March 31, 2013.

"Traditionally Q4 has been a strong quarter for us. The other little bit of concern that we have

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