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Wipro Q3 net up 27%, beats estimates
Wipro on Friday said its profits rose by 27 per cent to Rs 2,010 crore (Rs 20.1 billion) for the third quarter ended December 31 on the back of growth in infrastructure services business and improved efficiency.
The city-headquartered firm's revenues rose by 18 per cent to Rs 11,330 crore (Rs 113 billion) in the October-December quarter of this fiscal compared to the year-ago period, it said. "Revenues from continuing operations were Rs 113.3 billion ($1.8 billion), an increase of 18 per cent year-on-year," Wipro said.
The company added its net profit of Rs 2,010 crore ($ 325 million) also includes a non-recurring expense incurred due to the cessation of manufacturing Wipro branded desktop, laptops and servers.
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Wipro Q3 net up 27%, beats estimates
Commenting on the performance, Wipro Chairman Azim Premji said: "As the global economy is progressing towards stability, we see optimism amongst clients, especially in the West."
Corporations are leveraging technology to reduce operational costs and investing resources in differentiating themselves in the marketplace, he added.
Wipro's IT services revenue stood at $1.68 billion, a y-o-y increase of 6.4 per cent. "During the quarter, our Global Infrastructure Services business grew strongly on revenues," Wipro CEO T K Kurien said.
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Wipro Q3 net up 27%, beats estimates
The company added 42 new customers during the third quarter.
Its IT services segment had 146,402 employees as of December 31, 2013.
On revenue guidance, Wipro said it expects revenues in the January-March quarter of 2013-14 fiscal to be in the range of $1.71-1.75 billion.