Wipro Q3 net up 10%; shares up by 4%

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oi-Sneha

By Sneha B K

Published: Friday, January 20, 2012, 14:48 [IST]

Wipro, announced its financial results for the quarter ended December 31, 2011. During the quarter the company has reported 10% year on year (y-o-y) rise in its consolidated net profit at Rs 1,456 crore and sequential growth of 12%. In the previous year, it had reported a net profit of Rs 1,319 crore.

Third largest India's software service provider reported its revenue at Rs 9,997 crore an increase of 28% (y-o-y), IT service revenue were at Rs 7,608 crore an increase of 28% y-o-y and IT services earnings before interest and tax (EBIT) was at Rs 1,583 crore an increase of 20% y-o-y.

Currency revenue exceeded the guidance range, growth was at 4.5% sequentially.

Azim Premji, Chairman of Wipro, reporting on the results said, "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."

"We saw broad-based growth with five of the six verticals growing upwards of 4% in constant currency. Revenues in constant currency exceeded the guidance range. We have seen positive feedback from customers and employees on our restructuring approach," added TK Kurien, executive director and CEO of Wipro.

The company has announced an interim dividend of Rs 2 per share/ADS.

IT services business, which contributed 76% of total revenue and 92% of Operating Income added 39 new customers, the company reported.

As on December 31, 2011, the IT service segment had 136,734 employees an increase of 5,004 people this quarter.

On Friday at 09.30 am IST, shares of the company were trading at Rs 420.55 up by 16.45 points or 4.07%

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