Source : PTI | Apr 27, 2011, 10.40am IST
The country's third largest software exporter Wipro on Wednesday reported a growth of 13.77 per cent in consolidated net profit for the quarter ended March 31, 2011, to Rs 1,375.4 crore.
Last year, the company had posted a net profit of Rs 1,208.9 crore for the fourth quarter.
"We have made good progress in creating a leaner, simpler and more customer-centric organisation structure. We believe our business strategy along with the new structure will deliver industry leading growth," Wipro chairman Azim Premji said in a statement.
IT services, which contributed 76 per cent to the company's revenues in FY'11, stood at USD 1,400 million, a sequential increase of 4.2 per cent and a year-on-year increase of 20.1 per cent.
The company said it expected its revenues from the IT services business to be in the range of USD 1,394 million to USD 1,422 million for the first quarter ending June 30, 2011.
The IT services segment hired 2,894 people this quarter and 14,314 people during the financial year, taking the total headcount to 1,22,385 employees as of March 31, 2011. It added 68 new customers for the reporting quarter and 155 new customers during the year.
"The business environment is positive and we are focusing on growth by directing investments on momentum verticals. We have announced wage hikes effective June 1, 2011, which would have an impact on the operating margins," Wipro executive director and chief financial officer Suresh Senapaty said.
Net income from sales for the reporting quarter stood at Rs 8,302.4 crore as against Rs 7,016.1 crore in Q4, FY2009-10, up 18.33 per cent.
For the fiscal ended March, 2011, the company has registered a net profit of Rs 5,297.7 crore, compared to Rs 4,593.1 crore during the previous fiscal, up 15.34 per cent.
Net income from sales in the 2010-11 fiscal grew 14.51 per cent to Rs 31,098.7 crore from Rs 27,157.4 in the previous fiscal.
On a standalone basis, the company has reported a net profit of Rs 1,337.6 crore for the quarter, a growth of 8.15 per cent vis-a-vis the same period last year.
"Our journey of building the new Wipro is based on the foundation of customer focus, domain and technology leadership directed toward the customer needs and providing enriching career opportunities for our employees," Wipro executive director and CEO (IT Business) T K Kurien said.
The company's cash and cash equivalents stood at Rs 6,114.1 crore as on March 31, 2011.
IT products comprised 12 per cent of the total company revenue at Rs 3,691 crore for the year, a decline of 3 per cent Y-o-Y. Revenue for the quarter stood at Rs 911 crore.
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