Wipro net up 21%, confirms IT revival | business | Hindustan Times
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Wipro net up 21%, confirms IT revival

business Updated: Jan 20, 2010 22:15 IST
HT Correspondent
HT Correspondent
Hindustan Times

Confirming a rebound in the country’s information technology sector, Wipro Ltd posted a robust 21 per cent year-on-year rise in its consolidated net profit for the third quarter on Wednesday.

It painted an optimistic outlook for the quarters ahead, aided by new markets and more hiring.

“We have seen a positive demand environment which has driven broad based sequential growth across all verticals, service lines and geographies,” Wipro chairman Azim Premji said.

He said the company expects IT budgets among customers to remain marginally positive to flat.

Wipro expects its IT services revenue to rise 3.6-5.4 per cent in January-March from the previous quarter to $1.16-$1.18 billion.

Total income of the company for third quarter stood at Rs 6,966 crore which is a five per cent rise compared to the same period in the last financial year. The consolidated net profit was Rs 1,217 crore for the quarter. The company added 31 new clients to its IT Services business vertical during the quarter.

“We are looking at newer geographies to boost our revenues in the forthcoming quarters,” said Suresh Senapaty, executive director and chief financial officer. The company is looking at Brazil, Argentina, Kenya and Egypt among its new growth markets.

The order wins are happening. We are constantly in negotiations for large deals. And actually it is giving us little bit of optimism," Senapaty said.

Senapaty said a media report last week Wipro was likely to launch a $1 billion sponsored ADR issue could only be considered a rumour.

The company added around 4,800 employees in the current quarter. “The hirings are continuing wherein we have already made offers to around 7,000 graduates who are expected to join in the coming months,” said Senapaty. He added that the company is also in the process of hiring fresh graduates from the colleges.