Wipro Q2 net up 4% at Rs 230cr

Industry major Wipro Ltd on Friday reported a net profit of Rs 230.2 crore in the second quarter ended September 30, registering a growth of...

Industry major Wipro Ltd on Friday reported a net profit of Rs 230.2 crore in the second quarter ended September 30, registering a growth of four per cent as against Rs 220.4 crore in the corresponding quarter of the previous fiscal. Revenues for the second quarter was at Rs 1,374.5 crore, up 29 per cent compared to Rs 1,062.1 crore reported during the same period previous year.

On a quarter-on-quarter basis profit grew by 12 per cent and revenue grew by 15 per cent. During Q1 FY04, Wipro posted a net profit of Rs 206.1 crore and revenue of Rs 1,198.9 crore.

For the third quarter ended December 31, 2003, the company has given an earning guidance of $241 million for its global IT services and products business. The company has exceeded its guidance of $210 million for Q2 FY04 with revenues from this business touching $222 million.

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Addressing the media, Wipro chairman Azim Premji said: “Revenues grew smartly across all segments of our global IT services business. This was contributed by strong volume growth and declining pricing pressures.”

The pressure put in by rupee appreciation on the profitability front was alleviated by improvement in utilisation and increased cost efficiencies, he said. This has resulted in the company maintaining its operating margins of global IT services at 21 per cent which is at the same level as was in Q1 FY04, he added.

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