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Wipro net profit rises 9% QoQ; near-term outlook cautious

Posted by Yogesh on Wednesday, 22 October, 2008

MUMBAI: Technology major Wipro’s net profit in the September quarter rose 8.89 per cent to Rs 978.20 crore compared with Rs 898.30 crore in the previous quarter.

It reported net sales of Rs 6519.60 crore for the quarter ended September 30, 2008 against Rs 5981.10 crore in the Apr-Jun quarter.

On a standalone basis, the IT firm’s net profit climbed 56 per cent to Rs 852.50 crore in the July-Sep quarter against Rs 546 crore in the last quarter. Net Sales stood at Rs 5405 crore in the Sep quarter compared with Rs 4704.60 crore for the quarter ended June 30, 2008.

Wipro expects margins to remain stable, with a mildly positive bias. “The global economic environment has deteriorated significantly over the past couple of months, and our outlook is cautious in the near term given the extent of strain on the global economy. However, we are confident on the resilience of our business model to tide over these challenging times. Looking ahead, for the quarter ending December 31, 2008, we expect our revenue from our IT Services business to be approximately $1,121 million,” said Wipro chairman, Azim Premji.

Results Highlights:

• Wipro revenue increased by 36% Year on Year (YoY) to Rs. 65.07 billion (Rs. 6,507 crore); Profit After Tax (PAT) grew by 19% YoY to Rs. 9.78 billion (Rs. 978 crore).
• IT Services Revenue in dollar terms was $1,110 million, a sequential growth of 4.0% (5.6% in constant currency) and YoY growth of 29%. In rupee terms, Revenue stood at Rs. 47.50 billion (Rs. 4,750 crore), a YoY growth of 36%.
• Profit Before Interest & Tax (PBIT) for IT Services segment was Rs. 9.96 billion (Rs.996 crores), a growth of 30% YoY.
• IT Services business added 28 new clients during the quarter.
• IT Products business recorded a 50% YoY growth in Revenues and 34% YoY growth in PBIT.
• Wipro Consumer Care and Lighting business Revenue grew 42% YoY and PBIT grew 46% YoY. Source The Economic Times

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