Wipro beats expectations...Q3 net profit at Rs17.16bn
While sales stood at Rs109.90bn
Wipro Ltd has posted a net profit after taxes, Minority Interest and Share of Profit of Associates of Rs. 17164 mn for the quarter ended December 31, 2012 as compared to Rs. 14564 mn for the quarter ended December 31, 2011.
Total Income has increased from Rs. 101800 mn for the quarter ended December 31, 2011 to Rs. 113115 mn for the quarter ended December 31, 2012.
The company has announced that the Board of Directors of the Company at its meeting held on January 18, 2013, has declared an interim dividend of Rs. 2 ($ 0.04) per equity share and ADR (100% on an equity share of par value of Rs. 2).
The payment date for interim dividend is fixed as January 30, 2013.\
IT Services Revenue was $1,577 million, a sequential increase of 2.4% and YoY increase of 4.8%.
Non-GAAP constant currency IT Services Revenue in dollar terms was $1,571 million, within our guidance range of $1,560 million to $1,590 mn.
IT Services Revenues in Rupee terms was Rs86.02 bn ($1,568 mn), an increase of 13% YoY.
IT Services Earnings Before Interest and Tax (EBIT) was Rs17.92 billion ($327 million), an increase of 13% YoY.
Operating Income to Revenue for IT Services was 20.8% for the quarter, up 0.1% sequentially.
Azim Premji, Chairman of Wipro, commenting on the results said – “While the overall mood on economic growth continues to be muted, global corporations continue to leverage technology to drive revenues and productivity.”
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said – “We have expanded operating margins sequentially through improvements in revenue productivity and improved cash flow generation through efficient working capital management. We commend and welcome the circular implementing the recommendation of the Rangachary Committee, which has dealt with the tax disputes the industry has been facing over the years.”
T K Kurien, Executive Director & Chief Executive Officer, IT Business, said – “We have seen broad based growth in the quarter with all our verticals growing sequentially. Our improvement in customer and employee engagement is reflected in client mining with 10 customers contributing more than $100 million and lower attrition. We continue to make investments in our go to market organization and technology themes to be a strategic partner to our customers.”
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