Wipro logs 17% rise in net

Wipro Ltd, the country’s third-largest software company, reported a 17.4 per cent increase in net profit at Rs 1,004 crore for the three months ended December 31, 2008. HT Correspondent reports.

Wipro Ltd, the country’s third-largest software company, on Wednesday reported a 17.4 per cent increase in net profit at Rs 1,004 crore for the three months ended December 31, 2008 against Rs 854 crore for the corresponding quarter of the previous fiscal.

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Total revenues increased by 25 per cent to Rs 6,618 crore from the same quarter in 2007.

Revenues from IT services based on exchange rate as of September 30, 2008 were at $1,126 million (Rs 5,292 crore), ahead of Wipro’s guidance of $1,121 million (Rs 5,268 crore), according to a release issued by the company.

In the same quarter, the IT services division added 31 new clients, and IT products recorded a 26 per cent growth in revenues over the same period last year.

The company has however stated that its fourth quarter revenue from IT services will drop to $1045 million (Rs 4,912 crore) from the third quarter revenues of $1126 million (Rs 5,292 crore).

Among other businesses, consumer care and lighting revenue grew 20 per cent over the third quarter last year.