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Wipro Q1 profit rises 29.5%
IT services major Wipro today reported a 29.5 per cent growth in its consolidated net profit at Rs 2,103.2 crore for April-June period, helped by large deals in the application and infrastructure space.
Bangalore: IT services major Wipro today reported a 29.5 per cent growth in its consolidated net profit at Rs 2,103.2 crore for April-June period, helped by large deals in the application and infrastructure space.
The city-headquartered firm had posted a net profit of Rs 1,623.3 crore in the year-ago period, it said in a filing. Consolidated net sales rose by 15.5 per cent to Rs 11,245.5 crore in April-June quarter of the current fiscal from Rs 9,733.2 crore in the same quarter of 2013-14. Wipro Chairman Azim Premji said: "We see a significant rise in business confidence in developed markets as well as India."
In US dollars, Wipro reported a net profit of $351 million and revenue of $1.9 billion.
Revenue from IT Services stood at $1.74 billion, a quarter-on-quarter increase of 1.2 per cent and year-on-year increase of 9.6 per cent. Wipro had guided this to be in the range of $1.715 billion-$1.755 billion.
For the July-September quarter, the IT services revenue is forecast to be in the range of $1.77 billion-$1.81 billion.
The IT services segment had 147,452 employees as of June 30, 2014 and the firm added 35 new customers for the quarter.
"We continue to drive operational efficiency and invest in our strategy. Operating margins for the quarter was on expected lines, impacted largely due to wage hikes," Wipro CFO Suresh Senapaty said. Wipro's IT products segment delivered revenue of Rs 770 crore, registering a decline of 6 per cent over the year-ago period, after Wipro's strategy to focus on services business by engaging in selective transformational deals where products form an integral part of the solution.
Segment wise, BFSI contributed the most towards Wipro's revenues in the first quarter followed by Manufacturing & Hi-tech, Energy, Natural Resources & Utilities, Global Media & Telecom, Retail, Consumer, Transport & Government and Healthcare & Life Sciences.
