Wipro says Q1 profit rises 11%, matches forecast | business | Hindustan Times
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Wipro says Q1 profit rises 11%, matches forecast

India's third-largest software services major Wipro matched estimates on Friday with a 11% year-on-year jump in net profit to R1,623 crore in April-June, helped by a rise in large contracts. Revenues grew 5% to Rs 9,735 crore during the quarter.

business Updated: Jul 27, 2013 02:19 IST
HT Correspondent

India's third-largest software services major Wipro matched estimates on Friday with a 11% year-on-year jump in net profit to R1,623 crore in April-June, helped by a rise in large contracts. Revenues grew 5% to Rs 9,735 crore during the quarter.

Analysts had estimated a net profit of Rs 1,635 crore.

Wipro's profit numbers compare with its peers TCS and Infosys that had reported better-than-expected quarterly results. While TCS' net profit grew 16% in April-June, Infosys posted a 3.7% rise in profits.

"We are seeing higher confidence among other clients on the backdrop of positive macro economic developments," Wipro chairman Azim Premji said.

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In dollar terms, Wipro's net profit stood at $273 million while revenues grew 5% to $1.64 billion during the quarter.

The company said it expects revenues for the July-September quarter to be in the range of $1.62-1.65 billion. Wipro added 1,469 employees, taking its net staff strength to 147,281 besides adding 28 new clients during the quarter.

"We're seeing a pick-up in large deal closures, which is reflected in our strong orderbook. Our clients look to technology to pursue growth, profitability and increase organisational agility," Wipro CEO TK Kurien said.