Wipro [Get Quote] Limited, India's third largest software services exporter, has posted a 12 per cent increase in net profit to Rs 1,016 crore (Rs 10.16 billion) for the first quarter of current fiscal as against the corresponding period of last fiscal. The topline of the firm, which also sells soaps, furniture and heavy engineering equipment, moved up by 5 per cent to Rs 6,274 crore (Rs 62.74 billion).

The flagship IT services revenues declined 3.3 per cent on a yearly basis to $1033 million, which was a sequential decline of 1.3 per cent.

Sounding optimistic on the software services revival, Azim Premji the billionaire chairman of Wipro Limited said:  "We are starting to see the first signs of stability in the business as ramp downs start to taper off and volumes start to stabilise.

"We are adapting ourselves for the new reality with continued investments in Value Creation, Go-To-Market and driving significant Operational Productivity. Looking ahead, for the quarter ending September 30, 2009, we expect Revenues from our IT Services business to be in the range of $1,035 million to $1,053 million."