Wipro Q2 net up 24% at Rs 1611 cr

Posted By: Religare
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Software services giant Wipro Ltd today posted 23.8 per cent growth in its net profit for the quarter ended September 30, 2012 at Rs 1610.6 crore.

The company's net profit for the same quarter last fiscal stood at Rs 1300.9 crore, said Wipro in its filing to the Bombay Stock Exchange (BSE).

Total income of the company also rose 18 per cent to Rs 10943.7 crore during July-September quarter 2012, from Rs 9275.8 crore during the year-ago period.

The flagship IT service business of the company witnessed a revenue growth of 23 per cent year on year and stood at Rs 8,373 crore. IT Services Earnings before Interest and Tax (EBIT) stood at Rs 1,731 crore registering a growth of 27 per cent from the year-ago period.

Wipro's IT Services segment hired 2,017 new employees in the quarter, increasing the total number of employees to 140,569. The company also added 53 new customers for the quarter, the filing added.

The company's IT products business, which contributes 8 per cent to the revenues, recorded 10 per cent decline in revenues to Rs 899 crore, compared to the same period last year, the filing stated.

The consumer care and lighting business segment of the company recorded revenue of Rs 1,008 crore for the quarter, registering an increase of 26 per cent year on year.

"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," Wipro, Chairman, Azim Premji said.

T K Kurien, Executive Director and Chief Executive Officer, IT Business, said, "We have delivered revenues in line with our guidance and are continuing to see consistent improvement in our engagement with customers and employees," Wipro's IT Business, Executive Director & CEO, T K Kurien said.

Impressed by the Q2 numbers, shares of the company were trading at Rs 362.85 a piece, up 0.40 per cent as compared to previous close on BSE at 09:47 hours.

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