Wipro reported a consolidated net profit of Rs 1,003.9 crore for the quarter ended December 31, 2008, while the company had a net profit of Rs 854 crore in the third quarter.
The country's third largest software exporter, Wipro, on Wednesday reported a consolidated net profit of Rs 1,003.9 crore for the quarter ended December 31, 2008,
while the company had a net profit of Rs 854 crore in the third quarter of financial year 2007-2008.
"For the quarter ended December 2008, we delivered a strong performance with IT Services revenues growing sequentially 3.5 per cent in constant currency," Wipro
chairman Azim Premji said, adding: "We continue to win large deals; we won four multi-year multi-million dollar deals in the current quarter. We added 31 new customers."
The total income stood at Rs 6,773 crore for the December quarter of the current fiscal, whereas it was at Rs 5,433.2 crore a year ago, Wipro said in a filing to the Bombay Stock Exchange.
Regarding the current economic scenario Premji said: "We are living in tough times; the macro-economic challenges are significant and impacting businesses across segments.
However, recessions do not last, resilient companies do.
"Looking ahead, for the quarter ending March 31, 2009, we expect the revenue from our IT Services business including revenues from the acquisition of Citi Technology Services to be approximately USD 1,045 million."
On a standalone basis, the company reported a net profit of Rs 733 crore for the quarter ended December 31, 2008, whereas the same was at Rs 804.1 crore for the corresponding quarter a year ago.
Total Income on a standalone basis stood at Rs 5,534.2 crore for the December quarter of this fiscal, while the same was at Rs 4,429.6 crore in the year ago period.
The company said that the results for the quarter ended December 2008 are not comparable. The comparative numbers for the quarter and nine months ended December 31, 2007, have not been restated to reflect the merger of six companies with Wipro.
During the quarter ended March 31, 2008, pursuant to the scheme of amalgamation Wipro Infrastructure Engineering, Quantech Global Services, Wipro Healthcare, Power Software, mPact Technology Service and cMango India were merged with Wipro with retrospective effect from April 1, 2007.
Besides, Wipro has completed the acquisition of Citi Technology Services and revenues from this would be merged with Wipro beginning the quarter ending March 31, 2009.
Wipro executive director and chief financial officer Suresh Senapaty said, "It was another quarter of strong performance. Our Revenues were at USD 1,126 million, ahead of our guidance of USD 1,121 million, as measured in exchange rates prevailing as on September 30, 2008."
"Our price realisation improved sequentially in constant currency through higher productivity, while absorbing impact of lower working days during the quarter. We improved our offshore mix and significantly increased our mix of revenues from Fixed Price Projects," Senapaty added.
During the quarter, the company's IT services revenue grew 31 per cent to Rs 5,079 crore. Meanwhile, the company's headcount as on December 31, 2008, stood at 96,965 including 75,387 employees in IT business unit and 21,578 staff in BPO unit.
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