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Wipro net up 30 pc in Q1, projects more for Q2
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SME Times News Bureau | 25 Jul, 2014
Country's third largest IT firm Wipro Ltd. posted net profit of Rs.2,118 crore
(approx $352 mn) for 2014-15's first quarter (April-June), registering
30 percent growth year-on-year (YOY) under the Indian accounting
standard, while projecting an average higher revenue of $1.8 billion
from its global IT services business for the second quarter.
In a
regulatory filing to the Bombay Stock Exchange (BSE) Thursday, the
global software major said its total revenue for the quarter under
review increased 14 percent YoY to Rs.11,136 crore.
Under the
International Financial Reporting Standard (IFRS), net income rose 30
percent YoY to $351 million and gross revenue to $1.9 billion, up 14
percent YoY.
Under IFRS and in dollar terms, net income declined 5.4 percent sequentially and total income by 5 percent.
Sequentially,
net profit declined two percent from Rs.2,230 crore and total revenue
4.8 percent from Rs.11,700 crore posted in fourth quarter of last
fiscal.
Revenue from global IT services is $1.74 billion, which is 1.2 percent up sequentially from $1.72 billion and 9.6 percent YoY.
In rupee terms, IT services revenue increased 18 percent YoY to Rs.10,510 crore.
The
global software major also said revenue from IT services would be in
the range of $1,770-1,810 million ($1.77-1.81 billion, as against $1,740
million posted in first quarter of this fiscal.
"We see a
significant rise in business confidence in developed markets as well as
India. The new government at the Centre has brought about hope and
confidence in the minds of all stakeholders through reform
pronouncements with fiscal prudence," Wipro chairman Azim Premji said in
a statement here.
"Operating margin for the quarter (22.8
percent) was on expected lines, impacted largely due to wage hikes,"
chief financial officer Suresh Senapaty said on the occasion.
Operating
margin declined sequentially from 24.5 percent in fourth quarter of
last fiscal though 2.8 percent higher from 20 percent year ago.
"We continue to drive operational efficiency and invest in our strategy," Senapaty added.
The
company added 35 new clients during the quarter as against 59 in
previous quarter and 28 year ago, taking the total number to 1,022 as
against 986 last quarter ago and 946 a year ago.
"We continue to
win large deals particularly in the application and infrastructure
space, which demonstrate the confidence of clients in our
transformational capabilities," chief executive T.K. Kurien said in the
statement.
Premji also said he would expect greater economic activity, including investments in India this fiscal.
The
IT services division added 1,399 techies during the quarter, taking its
headcount to 147,452 from 146,053 quarter ago and 147,281 year ago.
The
company announced July 18 acquiring Atco-I-Tex, a subsidiary of the
Canada-based Atco Ltd, for $195 million and bagging a 10-year
outsourcing deal from it (Atco) with projected revenue of $112 million
per year or $1.2 billion by December 2024.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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