Wipro Q2 numbers beats estimates; net profit at Rs 1611 crores

Business

oi-Sunil

By Sunil Fernandes

Updated: Friday, November 2, 2012, 15:52 [IST]

Wipro Ltd's Q2 numbers have come in ahead of expectations, with Q2 total revenues at Rs 106.57 billion, an increase of 17% YoY.

The net income was placed at Rs 16.11 billion ($304 million), an increase of 24% YoY.

The company's IT services revenue was $1,541 million, a sequential increase of 1.7% and YoY increase of 4.6%. Non-GAAP constant currency IT Services Revenue in dollar terms was $1,535 million, within the company's guidance range of $1,520 million to $1,550 million.

Azim Premji, Chairman of Wipro, commenting on the results said, "We have chartered a new course for Wipro by demerging our diversified Non IT businesses. I am confident that the demerger will enhance value for all our stakeholders and provide fresh momentum for growth for each of our businesses."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said - "Our focus on driving significant operational improvements has helped us predominantly mitigate the incremental impact of wage increases and currency volatility."

The company expects revenues from IT Services business to be in the range of $1,560 million to $1,590 million for the Oct-Dec quarter.

On Thursday, Wipro said it de-merge all non-IT services, including consumer care and medical diagnostics, into a new firm.

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