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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.
Hindustan Times | By HT Correspondent, Mumbai
UPDATED ON JUL 27, 2013 02:19 AM IST

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.

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.

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