Wipro Q1 net up 12% at Rs 1,016 crore

Software exporter Wipro's net profit rose 12% at Rs 1,016 crore for the first quarter of the fiscal.

Putting behind the worst of global economic downturn, the company projected a revenue of up to 1,053 million dollars from IT services for the next three months.
    
"We are starting to see the first signs of stability in the business as ramp-downs start to taper off and volumes start to stabilise," Wipro chairman Azim Premji told a news conference here.

He said for the second quarter, Wipro expects revenues from its IT services business to be in the range of $1,035 million to $1,053 million.

The revenue of the New York Stock Exchange-listed company's has declined sequentially 1.3% to 1,033 million dollars for the period under review, while year-on-year the fall is 3.3%.

However, in rupee terms revenues in the June quarter increased 5% year-on-year to Rs 6,274 crore.

The company's IT services business added 26 new clients during the quarter, which also saw net head-count addition of 711.

The company's executive director and chief financial officer Suresh Senapaty said the firm improved on several operating parameters to deliver margin expansion of 0.6% to 22.3% in the IT services segment.

Wipro said its IT products business recorded a 2% year-on-year growth in revenues, while Wipro consumer care and lighting business grew by 7%.