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Wipro Q4 net up 29% to Rs 2,227 cr; full-fiscal figure at Rs 7,797 cr

The country’s third-largest software services exporter Wipro on Thursday reported a 28.8 per cent jump in net profit for the fourth quarter, helped by a revival in Europe, robust growth in the US and a cost optimisation drive.Profit climbed to Rs 2,226.5 crore in the three months ended 31 March from Rs 1,728.7 crore a year earlier, the Bangalore-based company said in a statement.

Net sales grew 21.7 per cent to Rs 11,703.6 crore from Rs 9,613.1 crore a year earlier. The results are under International Financial Reporting Standards (IFRS).

Wipro, which expects a strong deal pipeline in the first quarter of this financial year, projected IT services revenue of $1.715-1.755 billion in the three months ending 30 June.‘The steady improvement in global economy, coupled with the exciting pace of technological advancements, presents us with opportunities to create innovative solutions to help our customers differentiate, compete and succeed in their respective market,’ Wipro Chairman Azim Premji said.

Revenue from IT services stood at Rs 10,620 crore, up 24 per cent year-on-year.In US dollar terms, IT services revenue was $1.72 billion, up 8.5 per cent year-on-year and in line with its projection of $1.712-1.745 billion for January-March.

‘Fourth quarter has gone off well as planned. We have achieved a sequential revenue growth of 2.5 per cent for the quarter in line with our guidance.

‘Our investments in automation, platform-based delivery and process simplification have helped us expand our margins by 430 basis points y-o-y to 24.5 per cent — our highest margin in last 15 quarters,’ Wipro Chief Executive Officer T K Kurien told the media here.For 2013-14, Wipro’s profit rose 17.5 per cent to Rs 7,796.7 crore and revenue grew 16.1 per cent to Rs 43,754.9 crore.IT services revenue for the year was at $6.62 billion (up 6.4 per cent y-o-y) or Rs 39,950 crore (up 18 per cent). Wipro added 59 customers in the quarter. It had 1,46,053 employees as of 31 March in its IT services business.
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