Wipro Ltd, India's third largest software services exporter, today reported a 20% rise in consolidated net profit at Rs1,932.1 crore for the second quarter ended September 30, aided by currency depreciation and an uptick in client spending.
The city-headquartered firm had posted a net profit of Rs1,610.6 crore in the year-ago period, it said in a BSE filing.
Consolidated revenues in the July-September quarter this fiscal rose by 19% to Rs11,331.9 crore from Rs9,528 crore in the same quarter of 2012-13 fiscal.
Commenting on the performance, Wipro Chairman Azim Premji said: "There are positive indicators on the global economy. Client confidence is on the uptick and we see it reflected in our results."
In US dollars, Wipro's net profit stood at $309 million in the second quarter this fiscal, while consolidated revenues were at $1.76 billion during the quarter.
"We achieved a broad based revenue growth across all industry verticals and continue to focus on executing to our strategy," Wipro CEO T K Kurien said.
Its IT services revenue rose 5.9% year-on-year to $1.63 billion, whereas sequential revenue growth stood at 2.7%. In rupee terms, IT Services revenues stood at Rs10,068 crore in the quarter under review.
Wipro, which does not give annual forecasts, had guided to $1.62-1.65 billion IT service revenue in second quarter.
"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," Wipro Ltd CFO Suresh Senapaty said.
On outlook for October-December quarter, Wipro said: "We expect revenues from our IT Services business to be in the range of $1.66-1.69 billion."
Shares of Wipro today closed at Rs514.90 apiece, up 1.67% from its previous close at BSE.