Wipro net up 56 pc

Rising volumes boosted IT major Wipro8217;s net profits in the third quarter by 56 per cent, countering margin pressures and slight impact from rupee appreciation during the October-December 2004 period.

In the quarter ended Dec. 31, 2003, net profits of the company were Rs 426.8 crore, sizeably up from the 274.3 crore posted in October-December 2003. Wipro8217;s revenues went up to Rs 2,110.1 crore, a 39 per cent hike over Rs 1,521.4 crore in the third quarter last fiscal.

Announcing the results, Wipro CMD Azim Premji said the market made for strong volume growth, though prices were moving little. 8216;8216;Rupee appreciation will pose an additional challenge in sustaining profitability,8217;8217; he said.