Mumbai: India's third largest IT software exporter Wipro has announced its results for the quarter ended December 2010. It has reported net profit at Rs 1,319 crore as against Rs 1,276 crore, a growth of 3.4 per cent on quarter-on-quarter basis (QoQ).
Consolidated revenues went up to Rs 7,829 crore from Rs 7,731 crore and dollar denominated global IT revenues rose 5.6 per cent to $1.34 billion (QoQ).
Global IT earning before interest and tax (EBIT) jumped to Rs 1,321 crore from Rs 1,275 crore (QoQ).
Numbers were almost in-line with estimates; CNBC-TV18 expected net profit at Rs 1,318.3 crore and consolidated revenues at Rs 8,002.44 crore.
"The operating margins for IT Services business was flat, despite lower working days and drop in utilisation," Suresh Senapaty, Executive Director & Chief Financial Officer said.
For the fourth quarter of FY11, Wipro expects (Guidance) IT services revenues to go up by 3-5 per cent to $1.38-1.41 billion (QoQ).
IT products constituted 11 per cent of total revenue and IT services constituted 76 per cent of total revenue in third quarter.
Suresh Vaswani and Girish Paranjpe stepped down as Joint CEOs. Now TK Kurien will be new CEO of Wipro.
Azim Premji Chairman of Wipro said, "The Joint CEO structure was one of the key factors that successfully helped us navigate the worst economic crisis of our times. With the change in environment, there is a need for a simpler organisation structure. Kurien's track record makes him uniquely positioned to lead Wipro through the next phase of growth."
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