Wipro Q3 FY 2013 net profit jumps 18 per cent; beats expectations

Business

oi-Sunil

By Sunil Fernandes

Updated: Friday, January 18, 2013, 10:11 [IST]

Wipro Ltd has reported Q3 FY 2013 results that has beaten market expectations with October-December profit up 18 per cent to Rs 1,716.4 crores, while revenue has risen 10 per cent to Rs 10,989.1 crore.

Wipro's results confirm a strong momentum for India's IT Services exporters after TCS, Infosys and HCL surprised the markets, beating revenues and profitability figures.

Azim Premji, Chairman of Wipro, commenting on the results said, "While the overall mood on economic growth continues to be muted, global corporations continue to leverage technology to drive revenues and productivity."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said, "We have expanded operating margins sequentially through improvements in revenue productivity and improved cash flow generation through efficient working capital management. We commend and welcome the circular implementing the recommendation of the Rangachary Committee, which has dealt with the tax disputes the industry has been facing over the years."

Wipro has said that it expects Revenues from its IT Services business to be in the range of $1,585 million to $1,625 million, for the March quarter. The company has added 50 new customers for the quarter.

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said, "We have seen broad based growth in the quarter with all our verticals growing sequentially. Our improvement in customer and employee engagement is reflected in client mining with 10 customers contributing more than $100 million and lower attrition. We continue to make investments in our go to market organization and technology themes to be a strategic partner to our customers".

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