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November 2, 2012

Wipro’s Q2 revenue up 17%

IT Services revenue has increased 4.6% year-on-year to $1.5bn

By CBR Staff Writer

India based software services provider Wipro has reported 17% increase in its revenue to $2.01bn during the third quarter of 2012 over the same quarter in 2011.

Company’s IT Services revenue has increased 4.6% year-on-year to $1.5bn while revenue increased 1.7% over last quarter.

Wipro’s net income increased 24% YoY to $304m while its Non-GAAP Adjusted Net Income rose 22% to $302m.

Wipro IT Business executive director and chief executive officer T K Kurien said that the company has delivered revenues in line with its guidance and 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," Kurien said.

The company expects that its IT services revenue for the quarter ending December would rise between 1.3%-3.2% to $1.56bn to $1.59bn.

Wipro Chairman Azim Premji said that the company has chartered a new course by demerging the diversified Non IT businesses.

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"I am confident that the demerger will enhance value for all our stakeholders and provide fresh momentum for growth for each of our businesses," Premji said.

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