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Wipro's Q4 PAT at Rs 1729 crores; guidance disappoints

 Wipro's Q4 PAT at Rs 1729 crores; guidance disappoints
Wipro: Quotes, News
BSE 251.35BSE Quote0.65 (-0.26%)
NSE 251.40NSE Quote0.65 (-0.26%)
Wipro has reported revenues and net profits marginally below expectations for Q4 2013. While net profits were placed at Rs 1729 crores, the total revenues for Q4FY 2013 has come in at Rs 11,026 crores.

The board has recommended a dividend of Rs 5 per share.

Azim Premji, Chairman of Wipro, commenting on the results said, "We have completed the demerger of the ‘Diversified Business' effective March 31, 2013 to make Wipro Limited a pure play IT company. We are confident that being a technology - focused company will provide a fresh momentum for growth."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said, "The cross currencies have been volatile and impacted our financial performance in the quarter. Excluding the impact of foreign exchange, we have been able to maintain margins on a sequential basis. We have shown significant improvements in cash flow generation for the year."

T K Kurien, Executive Director & Chief Executive Officer, IT Business, noted, "We continue to see improvement in our customer satisfaction and employee engagement. Our continued investments in the go-to-market organization positions us well for the future."

The company expects revenues from our IT Services business to be in the range of $1,575 million to $1,610 million for the first quarter of 2014.

The IT Services segment had 145,812 employees as of March 31, 2013, an increase of 2,907 people in the quarter. The company added 52 new customers for the quarter.

As far as orders are concerned, Wipro has secured a contract from a large Europe-based universal bank to build a "Centralized Testing Unit" that will help the bank achieve higher production stability and lower cost of avoidance in its Testing processes. Wipro's Transformation Services and Data Obfuscation Services along with industry leading

testing services will help the bank achieve standardized Testing processes across the organization.

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