The company's net profit stood at Rs 1,580.2 crore for the first quarter ended June 30, 2012, as against Rs 1,334.9 crore in the year-ago period.
"Wipro's Q1 earning are in line with our expectations," CNI Research Head Kishor Ostwal.
However, a flat IT services revenue growth range guidance of USD 1.52-1.55 billion for the July-September 2012 quarter pulled the company's stocks down by over 4 per cent.
The quarterly guidance indicates 0.3-2.3 per cent sequential growth.
"Wipro's guidance for IT services for 2Q FY13 of 0.3-2.3 per cent quarter-on-quarter growth looks decent (still lower than our expectation of 1-3 per cent q-o-q) after continuous disappointments since last couple of quarters in terms of guidance," Angel Broking Research Analyst (IT) Ankita Somani said.
The total income from operation during the quarter rose by 24.37 per cent to Rs 10,619.6 crore from Rs 8,538.4 crore in the year-ago period.
"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.
Wipro's IT services revenue, which accounted for 78 per cent of the total revenues, grew 30 per cent year-on-year in rupee terms to Rs 8,314 crore.
"IT Services revenue in dollar terms was impacted by USD 25 million of cross currency impact and was USD 1,515 million, a year-on-year increase of eight per cent," it said.
"Wipro is still in the process of realigning its capabilities and positive results from organisation restructuring exercise are yet to be seen," Somani said. (MORE)
