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Wipro chairman Azim Premji |
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Bangalore:
Wipro Ltd beat market expectations Wednesday by registering 21
percent year-on-year (YoY) increase in net profit at Rs.1,217 crore
(Rs.12.17 billion/$265 million) for the third quarter
(October-December) and projecting higher revenue from its global IT
services for the fourth quarter of this fiscal (2009-10).
Sequentially too, profit after tax for quarter under review (Q3)
grew by 4.7 percent from Rs.1,162 crore in the second quarter
(July-September) of this fiscal, as per the Indian accounting
standard.
“We have seen a positive demand environment, which has driven broad
based sequential growth across all our verticals, service lines and
geographies. In 2010, we expect IT budgets to be flat to marginally
positive,” Wipro chairman Azim Premji said in a regulatory
statement.
Accordingly, the global software major projected $1.17 billion from
its IT services business for this quarter (Q4) of FY 2010.
“Revenue from IT services business will be in the range of
$1.16-1.18 billion in fourth quarter despite flat IT budgets,”
Premji noted.
The guidance for Q4, albeit marginal, is based on its resilient
performance in third quarter at $1.13 billion compared to the
projected $1.11 billion, an increase of 2.4 percent YoY and 5.8
percent sequentially (quarter-on-quarter).
In
rupee terms, revenue for IT services stood at Rs.5,164 crore, a YoY
growth of two percent and a sequential growth of 3.4 percent.
“Our ability to offer integrated service lines and be a
transformational partner to our clients helped us secure several
large deals this quarter. Our focus in driving consulting led
engagements to solve business challenges is being recognised by our
customers,” Premji added.
Unlike its rival Infosys Technologies Ltd, Wipro does not give
revenue guidance for the entire fiscal or for its global IT services
business.
The IT bellwether’s consolidated revenue for the quarter under
review (Q3), however, grew only by five percent YoY to Rs.6,966
crore, as per the Indian accounting standard.
Under the International Financial Regulatory Standard (IFRS), net
income for Q3 increased by 19 percent YoY to $259 million and total
income to $1.5 billion, six percent up YoY.
“We reported another strong quarter driven by significant uptick in
volumes,” executive director and chief financial officer Suresh
Senapaty pointed out.
The IT services business added 31 clients and added 4,855 employees
(net) during the quarter, taking its total number to 102,746
techies.
“We have maintained margins despite a decrease in our rate
realisation and a strong appreciation of the rupee. Our order
booking has been good and the banking, financial services and
insurance (BFSI) has bounced back strongly,” Senapaty added.
IT
services business accounted for 74 percent of the group’s revenue
and 90 percent of profit before tax.
IT
products business recorded 20 percent YoY growth to Rs.1,002 crore
and Wipro Consumer Care & Lighting business grew 14 percent to
Rs.601 crore.
“Our India & Middle East business registered some strong wins during
the quarter. Wipro Arabia won a very large order from an upcoming
university in Saudi Arabia for end-to-end set up of their IT and
telecom infrastructure,” Senapaty added.
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