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Wipro Q3 net grows 10% to Rs 1,456 cr
IT major Wipro on Friday reported 10.43 per cent increase in consolidated net profit to Rs 1,456.4 crore (Rs 14.56 billion) for the third quarter ended December 31, 2011.
The company had a net profit of Rs 1,318.8 crore (Rs 13.18 billion) in the corresponding quarter of the previous fiscal, Wipro said in a filing to the BSE.
For the fourth quarter ending March 31, Wipro expects revenues from IT services business to be in the range of $1,520 million to $1,550 million, a sequential increase of one per cent to three per cent, the filing added.
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Wipro Q3 net grows 10% to Rs 1,456 cr
"We continue to execute on our strategy and propel the business towards a higher growth trajectory. The overall macroeconomic sentiments continue to be uncertain and we are monitoring it closely," Wipro chairman Azim Premji said.
Net income from sales rose to Rs 9,997.2 crore (Rs 99.97 billion) for the December quarter against Rs 7,829.3 crore (Rs 78.29 billion) in Q3 FY'11, it said.
The board of directors have proposed an interim dividend of Rs 2 per equity share and ADR (100 per cent on an equity share of par value of Rs 2).
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Wipro Q3 net grows 10% to Rs 1,456 cr
IT services business, which contributed 76 per cent of the total revenue during the reporting quarter, added 39 new clients, the company said.
"Our client mining strategy continues to show progress with six customers contributing more than $100 million of revenues. We have improved operating margins through improved revenue productivity and currency benefit," Wipro executive director and chief financial officer Suresh Senapaty said.
The company's IT services revenue grew by 12 per cent at $1.5 billion million, over the same period last year.
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Wipro Q3 net grows 10% to Rs 1,456 cr
The company added 5,004 employees in the quarter taking the total headcount to 1.36 lakh employees as of December 31.
"We saw broad-based growth with five of the six verticals growing upwards of 4 per cent in constant currency.
"Revenues in constant currency exceeded the guidance range. We have seen positive feedback from customers and employees on our restructuring approach," Wipro executive director and chief executive officer IT Business T K Kurien said.