Wipro Q3 net up 53%, projects $370 M revenue in Q4

By siliconindia staff writer   |   Friday, 21 January 2005, 08:00 Hrs
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BANGALORE: IndiaÂ’s third largest software services firm Wipro Ltd reported a 53% rise in third quarter net profit at 4.27 billion ($97 million), beating market expectations, as outsourcing demands grew.

The company said Friday its October-December net profit rose to Rs 4.27 billion ($98.7 million) from Rs 2.66 billion a year earlier. Revenue increased by 34 per cent to Rs 20.9 billion.

The company forecast that fourth quarter global IT services revenue would be about $370 million.

Declaring its financial results for the October-December quarter (Q3), the company said in a statement here Friday that revenue grew by 39 percent year-on-year (YoY) to 21.10 billion.

Similarly, profit before interest and tax (PBIT) grew by 66 percent to Rs 4.76 billion 0YoY for the entire group company. PBIT from its global IT services and products shot up by 65 percent to Rs 4.14 billion YoY.

"Despite an increase in compensation cost and rupee appreciation, the operating margin from the global IT business increased by 27 percent during Q3Â’.

The global IT services division added 26 new clients in Q3, comprising 16 customers in R&D services and 10 customers in enterprise services.

Wipro's results came after contemporaries TCS Ltd and Infosys Technologies Ltd last week reported 54 per cent and 52 per cent net profit growth respectively.

In terms of verticals, financial solutions, telecom and manufacturing business posted double digit growth even sequentially as in the case of service lines.

Meanwhile the company hired 2,274 engineers in Q3, including 947 for its software division and 1,327 in the IT enabled services.

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