Wipro reports 19% YoY Growth in Net Income for 2013

Wipro has announced financial results under International Financial Reporting Standards (IFRS) for its fourth quarter and year ended March 31, 2013.

Total revenues were Rs.110.26 billion which showed an increase of 12% YoY. Revenues for continuing operations were Rs.96.14 billion with an increase of 13% YoY, whereas the revenues for discontinued operations were Rs.14.12 billion, an increase of 4% YoY.

The total net income increase with 17% YoY was Rs.17.29 billion. The company achieved Non-GAAP Adjusted Net Income of Rs.17.22 billion. Non-GAAP Adjusted Net Income for continuing operations was Rs.15.69 billion with an increase of 12% YoY.

Wipro declared a final dividend of Rs.5 per share/ADS, taking the total dividend declared during the year to Rs.7 per share/ADS.

Azim Premji, Chairman, Wipro, said, “We have completed the demerger of the ‘Diversified Business’ effective March 31, 2013 to make Wipro Limited a pure play IT company. We are confident that being a technology-focussed company will provide a fresh momentum for growth.”

Suresh Senapaty, Executive Director & CFO, Wipro, said, “The cross currencies have been volatile and impacted our financial performance in the quarter. Excluding the impact of foreign exchange, we have been able to maintain margins on a sequential basis. We have shown significant improvements in cash flow generation for the year.”

The IT services segment had 145,812 employees as of March 31, 2013 with an increase of 2,907 people in the quarter.