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October 24, 2010

Wipro Q2 revenue up 12% to INR77.31bn

IT Services and IT Products businesses revenue grew 10% year-over-year

By CBR Staff Writer

Indian software maker Wipro has posted revenue of INR77.31bn ($1.73bn) for the second quarter of 2010, up 12% compared to revenue of INR69.0bn ($1.55bn) for the same period last year.

The company has posted a net profit of INR12.85bn, up 10% compared to INR11.71bn for the same period a year ago.

For the quarter ended 30 September 2010, IT Services revenue grew 15% year over year to INR57.47bn, while IT Products revenue declined 10% to INR10.69bn, compared to INR11.85bn for the same period last year.

Consumer Care and Lighting business recorded revenue grew 20% year over year to INR6.7bn, compared to INR5.6bn for the same period last year.

IT Services and IT Products businesses revenue grew 10% year over year to INR68.16bn, compared to INR61.84bn for the same period last year.

Wipro chairman Azim Premji said the company saw strong momentum in demand as customers tried to catch up with the under-investment in IT in the previous years and the company continued to enhance its investments in Transformational Capabilities, Client Partners and Domain Solutions.

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"While the macro-economic environment continues to remain uncertain there is higher degree of confidence at the micro level. For the quarter ended 31 December 2010, we expect revenues from our IT Services business to be in the range of $1.32bn to $1.34bn, a sequential increase of 3.5% to 5.5%," Premji said.

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