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Up 27%, Wipro third quarter net profit beats estimates

During the quarter, net income stood at $325 million growing at 5.2 per cent sequentially.

Bangalore |
January 18, 2014 2:36:30 am

The country’s third-largest IT-services exporter Wipro on Friday continued to maintain the upbeat earnings momentum set by its peers in the last one week, indicating buoyancy in outsourcing demand and discretionary spend in the US, its largest market.
The IT major posted a 2.9 per cent dollar revenue growth for the October-December stretch, the highest sequential rise in the last eight quarters.
Continuing with its growth momentum, Wipro recorded revenue of $1,678.4 million, exceeding the lower-end of its forecast of 1.8-3.6 per cent for the third quarter, while meeting Street estimates that had predicted the IT firm would outperform the lower end of its guidance.
During the quarter, net income stood at $325 million growing at 5.2 per cent sequentially, indicating that the company’s turnaround initiatives have started to yield results.
Azim Premji, chairman, Wipro, said, “As the global economy is progressing towards stability, we see optimism amongst clients, especially in the West. Corporations are leveraging technology to reduce operational costs and investing resources in differentiating themselves in the marketplace.”     FE

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