Wipro Q2 revenue records 17 pc jump

Wipro Limited announced financial results posting total revenues at Rs 106.57 billion ($2.01 billion), an increase of 17% YoY.

The Net Income was Rs 16.11 billion ($304 million), an increase of 24% YoY. Non-GAAP Adjusted Net Income of the company was Rs 15.98 billion ($302 million), an increase of 22% YoY.

The company’s IT Services Revenue was $1,541 million, a sequential increase of 1.7% and YoY increase of 4.6%.

The Non-GAAP constant currency IT Services Revenue in dollar terms was $1,535 million, within the guidance range of $1,520 million to $1,550 million.

Computations used to report corporate income and earnings that are not defined by generally accepted accounting principles (GAAP) are described as non-GAAP metrics.

IT Services Revenues in Rupee terms of Wipro was Rs 83.73 billion ($1,582 million), an increase of 23% YoY.

Wipro’s IT Services Earnings Before Interest and Tax (EBIT) was Rs 17.31 billion ($327 million), an increase of
27% YoY.The Operating Income to Revenue for IT Services is 20.7% for the quarter, according to the financial results.

Azim Premji, Chairman of Wipro, commenting on the results said: “We have chartered a new course for Wipro by demerging our diversified Non IT businesses. I am confident that the demerger will enhance value for all our stakeholders and provide fresh momentum for growth for each of our businesses.”

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said: “Our focus on driving significant operational improvements has helped us predominantly mitigate the incremental impact of wage increases and currency volatility.”

According to T K Kurien, Executive Director & Chief Executive Officer, IT Business, Wipro delivered revenues in line with their guidance and are continuing to see consistent improvement in engagement with customers and employees.

“Consistent with our strategy to drive business transformation at the intersection of Cloud, Mobility, Analytics, and Social, we are continuing to invest in our Go-To-Market organization in order to engage effectively with both business and technology stakeholders,” he said.

On the Outlook for the Quarter ending December 31, 2012, Wipro said they are expecting Revenues from their IT Services business to be in the range of $1,560 million to $1,590 million.

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