Information Technology company Wipro beat street expectations as the company saw their fourth quarter net profit increase 28.8 per cent to Rs 2226.5 as against Rs 1728.7 crore registered in the same period in the corresponding fiscal.
Announcing the results late on Thursday, the company said its net sales grew 21.7 per cent to Rs 11703.6 crore when compared to Rs 9631.1 crore in the same quarter last fiscal. Profits for the fiscal (Fy14) grew 17.5 per cent to Rs 7796.7 crore while revenues were up 16.1 per cent at Rs 43754.9 crore. IT services revenue for Fy14 stood at $6.62 billion, up 6.4 per cent.
“The steady improvement in global economy, coupled with the exciting pace of technological advancements, presents us with opportunities to create innovative solutions to help our customers differentiate, compete and succeed in their respective markets,” Azim Premji, Chairman of the Bangalore-based company said.
The company’s information technology services revenues were up 24 per cent at Rs 10,620 crore. IT services revenues (dollar terms) were up 8.5 per cent to $1.72 billion which was inline of the expectations range of $1.72 billion and $1.75 billion for the quarter.
Optimistic about the upcoming quarter in the ongoing fiscal (FY15), the company said that they are expecting revenues to be in the range of $1715 million to $1755 million.
“Our focus on process simplification, automation and platform-based delivery continues to deliver results and we are seeing the benefits through improved productivity, reduced timelines in execution and greater business agility,” TK Kurien, CEO and Managing Director said.