Wipro Registers 29.5% Increase in Q1 Net Profit at Rs 2,103 Crore
By ENS Economic Bureau | Published: 25th July 2014 10:19 AM |
BANGALORE: Software exporter Wipro Technologies reported a 29.5 per cent growth in its consolidated net profit at `2,103.2 crore ($351 million) for the quarter ended June 31, 2014 when compared to `1623.3 crore registered in the same period last year, helped by large deals in the application and infrastructure space.
The company said that this was on account of winning large deals in the application and infrastructure space. Revenues from IT Services was up 5% to `11140 crore, the company said here on Thursday while announcing their Q1 Fy15 performance highlights.
“We see a significant rise in business confidence in developed markets as well as India. The new government at the Centre has brought about hope and confidence in the minds of all stakeholders through reform pronouncements with fiscal prudence. We expect greater economic activity including investments in India,” Azim Premji, Chairman of the Bangalore-headquartered firm said.
IT services operating margins were 22.8%, the company said. On their large deals wins which include Canadian firm ATCO and Wipro’s buying of their IT services arm for $195 million, the company CEO and Executive Director, TK Kurien said, “We continue to win large deals particularly in the application and infrastructure space. We recently announced our largest ever total outsourcing deal. These wins demonstrate confidence of clients in our transformational capabilities and re-affirm our faith in our client engagement strategy.”
The company has set a revenue guidance of $1770 million to $1810 million for the second quarter of the current fiscal ending September 30, 2014.