The country’s third-largest software services firm Wipro on Thursday posted a 28.8 per cent increase in profit to Rs 2,226.5 crore in the quarter ended March 31 on the back of improving global economic sentiment and cost optimisation.
The Bangalore-based firm had registered a profit of Rs 1,728.7 crore in the fourth quarter ended March 31, 2013, Wipro said in a statement. The results are under International Financial Reporting Standards (IFRS). Net sales grew 21.7 per cent to Rs 11,703.6 crore in the quarter from Rs 9,613.1 crore a year earlier.
Revenue from IT services stood at Rs 10,620 crore, up 24 per cent year-on-year. In dollar terms, the segment’s revenue was at $1.72 billion, up 8.5 per cent year-on-year. This is in line with its projection of $1.712 billion to $1.745 billion for January-March 2014.
For April-June, Wipro expects revenue from IT services to be in the range of $1,715 million to $1,755 million.
“The steady improvement in global economy, coupled with the exciting pace of technological advancements, presents us with opportunities to create innovative solutions to help our customers differentiate, compete and succeed in their respective markets,” Wipro chairman Azim Premji said. For FY14, profit rose 17.5 per cent to Rs 7,796.7 crore, while revenue climbed 16.1 per cent to Rs 43,754.9 crore. The company added 59 customers during the quarter.
IT services revenue for the year was at $6.62 billion (up 6.4 per cent y-o-y) or Rs 39,950 crore (up 18 per cent). Wipro had 1,46,053 employees as of March 31, as part of its IT services business.