NEWS

Wipro reports 28 Per Cent YoY Net Income Growth for Second Quarter

By VARINDIA - 2013-10-24

Wipro has announced financial results under the International Financial Reporting Standards (IFRS) for its second quarter ended September 30, 2013.

The highlights of the results reveal that the company has achieved revenues from continuing operations at Rs.109.92 billion ($1.76 billion) with an increase of 19 per cent YoY. Net Income from continuing operations was Rs.19.32 billion ($309 million), an increase of 28 per cent YoY.
The operating income revenue for IT services was 22.5 per cent for this quarter.

The IT Services segment had 147,216 employees, as of September 30, 2013. We added 45 new customers for the quarter.

Azim Premji, Chairman, Wipro, said, There are positive indicators on the global economy. Client confidence is on the uptick and we see it reflected in our results.
Suresh Senapaty, Executive Director & Chief Financial Officer, Wipro, stated, Our sustained execution towards increasing operational efficiencies in the business coupled with currency benefits helped offset the impact of wage hikes, resulting in strong improvements in operating margins.

Regarding the outlook for the quarter ending December 31, 2013, Wipro expects revenues from IT Services business to be in the range of $1,660 million to $1,690 million.