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October 31, 2011

Wipro’s Q3 revenues up 18% to $1.85b

Expects IT services revenues to be in the range of $1.5b to $1.53b for Q4

By CBR Staff Writer

India-based Wipro has reported total revenues of $1.85b, a year on year increase of 18% compared to the same quarter previous year.

The company has posted IT services revenue of $1.5b for the third quarter ended 30 September 2011, a year on year increase of 15.7% and sequential increase of 4.6%.

The company’s non-GAAP adjusted net income was $266m, an increase of 2% YoY, while net income was $265m, a 1% YoY increase.

IT services earnings before interest and tax (EBIT) was $278m, an increase of 7% YoY, while the company’s operating income to revenue for IT services was 20% for the quarter.

Wipro chairman Azim Premji said macroeconomic sentiments continue to remain uncertain.

"We have seen growth momentum build up in our IT Business with healthy volume growth. Our focused investment strategy will get the business to a higher growth trajectory," Premji said.

Wipro executive director & chief financial officer Suresh Senapaty said they are continuing to see incremental progress in their client mining strategy with five customers contributing more than $100m of revenues and their top customer hitting a revenue run rate upwards of $200m.

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"We had an impact on operating margins in the quarter due to salary increases," Senapaty said.

The company expects revenues from its IT services business to be in the range of $1.5b to $1.53b for the fourth quarter ending 31 December 2011.

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