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Wipro quarterly net up 16.73%, full year profit jumps 19.07%

IT major Wipro Ltd on Friday reported 16.73 per cent increase in net profit to Rs 1,728.7 crore for the fourth quarter ended 31 March 2013.

The country's third largest software services firm's net profit stood at Rs 1,480.9 crore in the year-ago period.

The consolidated total income of the company rose by 13 per cent to Rs 9,613.1 crore for the January-March quarter in 2013-13 fiscal as against Rs 8,506.1 crore in the same period of 2011-12 fiscal, it said in a filing to the BSE.For the fiscal year ended 31 March, the company's net profit rose by 19.07 per cent to Rs 6,635.9 crore from Rs 5,573 crore in 2011-12. Revenues of the firm during the period rose by 17 per cent to Rs 37,685.1 crore from Rs 32,205.5 crore in the previous fiscal.

In November 2012, Wipro had announced demerging of its consumer care and lighting, infrastructure engineering and medical diagnostic businesses into an unlisted firm Wipro Enterprises, while Wipro Ltd will be a publicly listed company focusing on IT services and products effective March 31, 2013.

The total revenues of Wipro, which include IT business, consumer care and lighting and others, rose by 11.72 per cent to Rs 11,026.4 crore in the last quarter of 2012-13 from Rs 9,869.1 crore in the year-ago period.

Wipro's IT Services revenues rose by 13 per cent to Rs 8,554 crore ($1.57 billion in dollar terms) in the last quarter of 2012-13 fiscal, while the profit from IT services before interest and tax increased by 10 per cent to Rs 1,727 crore ($317 million) during the period.

While presenting its third quarter results in January, the Bangalore-based company had said it expects its revenues from IT services business to be in the range of $1.585 billion to $1.625 billion for the last quarter of 2012-13. Commenting on the fourth quarter results, Wipro CFO Suresh Senapaty said: 'The cross currencies have been volatile and impacted our financial performance in the quarter. Excluding the impact of foreign exchange, we have been able to maintain margins on a sequential basis. We have shown significant improvements in cash flow generation for the year.'

The company said it expects revenues from its IT services business to be in the range of $ 1.575-1.610 billion for the first quarter (April-June) of the current fiscal.

'We have completed the demerger of the 'Diversified Business' effective 31 March 2013 to make Wipro Ltd a pure play IT company. We are confident that being a technology focused company will provide a fresh momentum for growth,' Wipro Chairman Azim Premji said.

Commenting on the firm's results, Wipro CEO (IT Business) T K Kurien said: 'We continue to see improvement in our customer satisfaction and employee engagement. Our continued investments in the go-to-market organisation positions us well for the future.' Wipro's IT services segment had 1,45,812 employees as of 31 March 2013, an increase of 2,907 people in the quarter.The company added 52 new customers during the period. For the entire 2012-13 fiscal, Wipro's revenues in dollar terms stood at $7.95 billion, while its net profit was $1.22 billion. The company's revenues from IT services was $6.21 billion during the period.

Consumer Care and Lighting segment recorded revenue of Rs 4,059 crore for the year ended 31 March  2013, an increase of 22 per cent year-on-year. Revenues for the fourth quarter of last fiscal rose by 15 per cent to Rs 1,044 crore, it said.


I HAVE ALREADY GIVEN 25% OF MY WEALTH TO PHILANTHROPY: AZIM

Wipro chairman Azim Premji on Friday said he has already given more than 25 per cent of his personal wealth to charity, but acknowledged it’s not easy to use money well in philanthropy.

‘I have very clear views on what I intend to give to charity and today more than 25 per cent (of my personal wealth) has already been given to charity,’ Premji told reporters in response to questions. ‘...very often, it’s more difficult to use money well in philanthropy than instituting money into philanthropy. He hastened to add that whether or not he would pledge 50 per cent of his wealth to charity is a ‘completely personal question’.
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