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Wipro posts revenue growth, beats own projection
Published on Wed, Oct 22, 2008 at 13:10, Updated on Wed, Oct 22, 2008 at 15:43 in Business section
Tags: Wipro, Revenue Growth , Bangalore
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Bangalore: IT major Wipro on Wednesday reported a profit of Rs 9.96 billion $203 million) for the second quarter of this financial year ended on September 30, recording a 30 per cent year-on-year growth to beat its own projection.
IT Services revenue in dollar terms was $1.11 billion, showing a 4 per cent sequential growth and 29 per cent year-on-year growth, Wipro chariman Azim Premji told a press conference.
In rupee terms, revenue stood at Rs 47.50 billion, a year-on-year growth of 36 per cent, he said.
"For the quarter ended September 2008, we delivered an excellent performance with IT Services revenues at $1.11 billion, significantly ahead of our guidance of $1.08 billion," Premji said.
Profit before interest and tax (PBIT) for IT Services was Rs 9.96 billion, a growth of 30 per cent Year on Year. Premji said the IT services added 28 new clients during the quarter.
Noting that "the global economic environment has deteriorated significantly over the past couple of months", he said "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 on December 31, 2008, we expect our revenue from our IT services business to be approximately $1.12 billion."
Suresh Senapaty, executive director and chief financial officer of Wipro, said: "The performance for the quarter is a strong reflection of our ability to deliver operational efficiencies."
Wipro had 97,552 employees as of September 30, including 75,748 employees in the IT services business and 21,804 employees in business process outsourcing (BPO).
IT services business accounted for 73 per cent of the revenue and 90 per cent of the profit before tax for the July-September quarter, Premji said.
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