Wipro Q1 Net Profit up 18.37 Percent

MUMBAI: Country's third-largest software firm Wipro has reported 18.37 percent increase in consolidated net profit at 1,580.2 crore for the first quarter ended June 30, 2012. The company had posted a net profit of 1,334.9 crore in the April-June quarter of last fiscal, Wipro said in a filing to the BSE. The total income from operation during the quarter rose by 24.37 per cent to 10,619.6 crore from 8,538.4 crore in the year-ago period. "In today's complex business environment, global corporations are increasingly investing in transformational technology initiatives to improve competitiveness. "We see this shift as an opportunity for us to lead this change and help customers differentiate in this fast evolving market," Wipro Chairman Azim Premji said in a statement. Wipro's IT services revenue, which accounted for 78 percent of the total revenues, grew 30 per cent year-on-year in rupee terms to 8,314 crore. "IT Services revenue in dollar terms was impacted by $25 million of cross currency impact and was $1,515 million, a year-on-year increase of eight per cent," it said. The company had forecasted IT services revenues to be in the range of $1,520 million to $1,550 million for the April-June 2012 quarter. For the quarter ending September 30, 2012, the company has maintained its revenue outlook to be in the same range, assuming that exchange rates of dollar will be at 54.76. "We have seen high levels of volatility in currencies globally. We have improved profitability, while continuing to invest for growth," Wipro Executive Director and Chief Financial Officer Suresh Senapaty said.