Wipro Q1 net jumps 31% | business | Hindustan Times
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Wipro Q1 net jumps 31%

business Updated: Jul 23, 2010 22:52 IST
HT Correspondent
HT Correspondent
Hindustan Times
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IT major Wipro Ltd on Friday reported a growth of 30.5 per cent in its net profit at Rs 1,318.6 crore for the first quarter ended June 30, against Rs 1,010.4 crore in the same quarter a year ago.

Buoyed by the increasing demand and net profit jump, Wipro said recruitments this fiscal would be much more than the net addition of around 15,000 over the last three quarters.

The net income from sales rose by 15.9 per cent to Rs 7,236.4 crore for the first quarter, from Rest 6,246.2 crore in the same quarter previous fiscal.

"Demand is strong despite the European crisis. Markets like India, West Asia and Asia Pacific will continue to drive growth," said Azim Premji, chairman, Wipro Ltd.

Wipro added 22 clients in the quarter — its slowest pace of client addition in over a year.

"Looking ahead for the second quarter, we expect our revenues from IT services to be in the range of $1.25-1.27 billion (Rs 5,865 crore-Rs 5,958 crore), as demand for technology services rise," said Premji.

"We are seeing a higher demand environment across our industry verticals despite macro challenges. We added the highest number of billable employees ever in this quarter. Our guidance reflects this momentum," he added.

Turning to recruitments, he said: "We have around 38 per cent local staff and plan to raise this to 60 per cent."

Saurabh Govil, senior vice-president, HR, Wipro IT Business, said hiring would be demand driven and more positive that the last three quarters, but refused to put a figure on it.

The Wipro scrip fell nearly 1 per cent after rallying over 4 per cent in early trade due to profit-taking. The scrip had a good rally before the earnings.