Wipro Q3 net up 8% at Rs 2,193 cr, names new CFO

IT services major Wipro on Friday reported a 8 per cent growth in its consolidated net profit at Rs 2,192.8 crore (Rs 21.92 billion) for the quarter ended December 31, 2014 led by growth in healthcare and infrastructure services.

The country's third largest software services firm had posted a net profit of Rs 2,014.7 crore (Rs 20.14 billion) in the year-ago period, it said in a BSE filing.

Consolidated revenue was up 7 per cent at Rs 12,085.1 crore (Rs 120.85 billion) in the October-December quarter this fiscal from Rs 11,327.4 crore (Rs 113.27 billion) in the same quarter of 2013-14 fiscal. The figures are on IFRS basis.

IT services revenue rose by 7 per cent to USD 1.79 billion in the third quarter compared to the year-ago period. Quarter-on-quarter, the revenue was up by 1.3 per cent.

Wipro had indicated that it expected its December quarter revenues to be in the range of $1.8-1.84 billion.

The Bengaluru-headquartered firm has projected IT services revenues to be in the range of $1.81-1.85 billion in the January-March quarter of 2014-15 fiscal.

Commenting on the performance, Wipro Chairman Azim Premji said: "Developments in the global currency and commodity markets are affecting major economies unevenly even as India anticipates growth led by next-generation of economic reforms."

The IT services segment had a headcount of 156,866 as of December 31, 2014 and the company added 44 new clients during the third quarter.

Wipro CEO TK Kurien said: "We had a very satisfying quarter in terms of sequential revenue growth. We continue to see strong deal momentum as we are seen as the partner of choice for customers seeking to differentiate by using digital technologies as well as save costs in the traditional business."

The company declared an interim dividend of Rs 5 per share of par value Rs 2 each.

Wipro CFO Suresh Senapaty: "During the quarter, we saw all round growth led by growth in our Healthcare & Life Sciences business and Global Infrastructure Services."

The company also announced that Senapaty will retire from the company on March 31, 2015, after attaining the age of superannuation.

Wipro Senior VP (Finance) Jatin Dalal will take over the role of Senapathy, effective April 1, 2015.

Scrip of the company today closed at Rs 555.25, down by 0.79 per cent from their previous close on the Bombay Stock Exchange.