Wipro Q4 net up 15%; IT revenues to drop by 2% in Q1

Wipro, India's third largest software services exporter, has reported a 15 per cent increase in net profit to Rs 1,010 crore for the fourth quarter ended March 31, 2009 as compared to the corresponding quarter of last fiscal. The topline of the company has moved up by 13 per cent to Rs 6,451 crore during the quarter.

Wipro Technologies, the flagship IT services revenue, grew by 20 per cent to Rs 4,932 crore, just about meeting its own guidance, while sequentially this has dropped by around 3 per cent.  The company has guided that this business will see a revenue drop of a little over 2 per cent during the first quarter of the current fiscal.

Azim Premji, chairman, Wipro said that they have generated a robust pipeline of deals, increased productivity and are well-positioned to tackle the subdued environment.

Suresh Senapaty, Chief Financial Officer of Wipro, added “The striking facet of our performance for quarter ended March 2009 was that we delivered on all operating parameters. We expanded our margins despite the headwinds of reduction in volumes and lower tailwind of Forex gains.” The IT services operating profits were up a healthy 24 per cent to Rs 1,073 crore.

For fiscal FY09, the company has reported a net profit increase of 19 per cent to Rs 3,899 crore, while its topline has moved up by 28 per cent to Rs 25,544 crore over FY08. The IT services revenues were up 31 per cent while the operating profit was up 29 per cent.