Wipro announces Q3 FY14 results

Wipro Limited has its announced financial results under International Financial Reporting Standards (IFRS) for its third quarter ended December 31, 2013.

Results for the Quarter ended December 31, 2013 has revealed that the company has earned revenues from continuing operations were Rs.113.3 billion ($1.8 billion1), an increase of 18% YoY. Net Income from continuing operations was Rs. 20.1 billion ($325 million1), an increase of 27% YoY which includes a non-recurring expense incurred due to the cessation of manufacturing Wipro branded desktop, laptops and servers. Excluding the non-recurring expense, Net Income from continuing operations was Rs. 20.3 billion ($328 million1), an increase of 28% YoY. IT Services Revenue was $1,678.4 million with a sequential increase of 2.9% and YoY increase of 6.4%.

Azim Premji, Chairman of Wipro, commenting on the results said, “As the global economy is progressing towards stability, we see optimism amongst clients, especially in the West. Corporations are leveraging technology to reduce operational costs and investing resources in differentiating themselves in the marketplace.”

We expect Revenues from our IT Services business to be in the range of $ 1,712 million to $1,745 Million including the revenues from our acquisition. The IT Services segment had 146,402 employees as of December 31, 2013. We added 42 new customers for the quarter.