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Azim Premji-led Wipro’s profit gallops 29.5%

Information Technology  (IT) services major Wipro on Thursday reported a 29.5 per cent growth in its consolidated net profit at Rs 2,103.2 crore for April-June period, helped by large deals in the application and infrastructure space. The city-headquartered firm had posted a net profit of Rs 1,623.3 crore in the year-ago period, it said in a BSE filing.

Consolidated net sales rose by 15.5 per cent to Rs 11,245.5 crore in April-June quarter of the current fiscal from Rs 9,733.2 crore in the same quarter of 2013-14. The figures are in accordance with International Financial Reporting Standards (IFRS).

Wipro Chairman Azim Premji said: ‘We see a significant rise in business confidence in developed markets as well as India.’ The new government at the Centre has brought about hope and confidence in the minds of all stakeholders through reform pronouncements with fiscal prudence, he added.

In US dollars, Wipro reported a net profit of $351 million and revenue of $1.9 billion. Revenue from IT Services stood at $1.74 billion, a quarter-on-quarter increase of 1.2 per cent and year-on-year increase of 9.6 per cent. Wipro had guided this to be in the range of $1.715 billion-$1.755
billion. For the July-September quarter, the IT services revenue is forecast to be in the range of $1.77 billion-$1.81 billion.

‘We continue to win large deals particularly in the application and infrastructure space. We recently announced our largest ever total outsourcing deal,’ Wipro CEO T K Kurien said. These wins demonstrate confidence of clients in Wipro's transformational capabilities and re-affirm their
faith in its client engagement strategy, he added.
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