Wipro Q2 revenues at Rs 9,735 crore, up 5 percent

Wipro has achieved revenue of Rs 9,735 crore in the second quarter, an increase of 5 percent Y-o-Y.

Net Income from continuing operations was Rs 1,623 crore, an increase of 11 percent Y-o-Y. IT services revenue was Rs 8,936 crore, a sequential increase of 0.2 percent and Y-o-Y increase of 4.9 percent. IT services Earnings Before Interest and Tax (EBIT) was Rs 1,785 crore, an increase of 2 percent Y-o-Y.

Commenting on the results Azim Premji, chairman, Wipro said, “We are seeing higher confidence among our clients on the backdrop of positive macroeconomic developments,
particularly in the US.”

TK Kurien, executive director & CEO, Wipro said, “We are seeing a pickup in large deal closures which has reflected in strong order book in the current quarter. Our clients look to technology to pursue growth and profitability and increase organizational agility.”

Suresh Senapaty, executive director & chief financial officer, Wipro said, “Our investments in client mining have shown benefits with strong growth in our top clients. We have given wage hikes for both onsite and offshore employees effective June 2013, which has impacted our operating margins in the quarter.”

The outlook for third quarter revenues from IT Services business to be in the range of $1.62- $1.65 billion.

The IT Services segment had 147,281 employees as of June 30, 2013, an increase of 1,469 people in the quarter. The company added 28 new customers for the quarter.

Wipro has won a multi-year, multi-million dollar contract with an APAC-based telecom service provider, to provide big data based analytics solutions to enable business transformation. Wipro, as the lead system integrator for this engagement, will transform business processes to improve end-customer experience, reduce churn and enhance decision making capabilities of the operator by providing meaningful insights into the consumer.

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