Wipro's Q3 net surges 55.59%

Wipro has posted a 55.59% rise in consolidated net profit to Rs 426.8 crore for the third quarter ended December 31, 2004 as compared to Rs 274.3 crore for the quarter ended December 31, 2003.

According to a release issued to the BSE, the group's total revenue has increased 39% from Rs 1521.4 crore in Q3-03 to Rs 2110.1 crore for the quarter ended December 31, 2004.
 
The company has posted a 54% jump in net profit to Rs 376.5 crore for the third quarter ended December 31, 2004 as compared to Rs 244.6 crore in the preceeding quarter of the last fiscal.

The total income has increased 40% from Rs 1347.1 crore in Q3-03 to Rs 1892.2 crore for the quarter ended December 31, 2004, the release added.

The company has hired over 2274 people, including 1,327 workers for its BPO arm, Wipro Spectramind, to take the total strength to 39,337 people. The global IT services division added 26 new clients in Q3, comprising 16 customers in R&D services and 10 in enterprise services.

Commenting on the company's current result and the business outlook for the quarter ending March 31, 2005, Azim Premji, Chairman of Wipro said "We continued our strong performance into third quarter of the fiscal year. Our Strategy of offering an integrated solution to our customers continues to pay off, as demonstrated by the healthy sequential growth in all our key vertical and service lines during the quarter. Looking ahead, for the quarter ending March 2005, we expect our revenue from our global IT services business to be approximately $370 million".

Vivek Paul, Vice Chairman, said "This quarter saw a 1% sequential improvement in our price realization for both Onsite projects as well as offshore projects. In terms of verticals, our finance solutions, telecom OEM and manufacturing businesses grew double digit sequentially, while in terms of service lines, our technology infrastructure services and testing services continued their momentum with double digit sequential growth, resulting in revenues of $352 million, ahead of our guidance of $347 million. Annualized employee attrition came down to 12%."