Wipro Declares Q3 Results

Wipro Ltd has declared the results for the three months period ended December 31, 2007.

The company’s net profit for the quarter ended December 31, 2007 stood at Rs 804.10 crore, as against Rs 739 crore during the same quarter in 2006.

Net sales for the same period climbed up 4.98 percent to Rs. 4,357 crore, whereas the total revenues for the quarter has increased to Rs 4,429.60 crore from Rs 3,651.10 crore in the corresponding quarter in 2006

The company’s diluted earning per share (EPS) stood at Rs 5.52 for the third quarter.

While commenting on the quarterly results, Mr. Azim Premji, Wipro Chairman said that the Q3 results are satisfying and there is good momentum in all the business segments.

Mr. Premji stated, “The results for the quarter are satisfying. We continue to see good momentum in all our businesses. Revenues from our Global IT Services at $910.1 million for the quarter were ahead of our guidance of $905 million. Our financial services business grew nearly double digit sequentially during the quarter despite this being challenging times for the sector. We had strong growth in our BPO business and Testing Services. We also had ou r retail and healthcare verticals growing ahead of our company growth rate. On the operational front we have seen a 200 basis points increase sequentially in the mix of our revenues from fixed price projects. Our price realization improved during the quarter by about 50 basis points sequentially.”

“Looking ahead, for the quarter ending March 2008, the company's revenue from Global IT Services business to be around $955 million,” he added.

Wipro offers comprehensive research and development services, IT solutions and services comprising systems integration, information systems outsourcing, package implementation, software application development and maintenance services to corporations globally.

Besides, the company also has a significant presence in consumer products and in infrastructure engineering. It also has a significant presence in toiletries and lighting products and solutions.

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