Wipro reports decent Q3 numbers

Wipro, which is among the top 4 Indian IT companies, announced its results for the Dec 2011 quarter on Jan 20, 2011. The results have come in line with the company’s expectations. On a consolidated basis, the revenues grew by 9.9% QoQ to Rs 9997.20 cr. The net profits during the quarter grew by 11% to Rs 1467 cr. The EBITDA margins of the company improved by 0.50 bps or 21.53% on a QoQ basis, aided by a fall in the value of the Indian rupee against the US dollar.

The topline growth was largely driven by the IT Services revenue, which grew by 11.93% on a QoQ basis to Rs 7607 cr. In dollar terms, the IT revenue was up by 2.2% (QoQ) to US$ 1505 million. This was better than the company’s expectation of US$ 1497 million, and is expecting a further jump of 1%-3% in Q4 FY12. In geographical terms, the growth was driven by the company's Japanese operations that grew by 8% (QoQ), followed by those in the US (3.8%) and Europe (0.1%).

In the company's statement, T K Kurien, Chief Executive Officer of Wipro's IT Business, said that they saw broad-based growth during the quarter, with 5 of the 6 verticals growing upwards of 4% in constant currency. Revenues in constant currency exceeded their guidance range. The feedback from customers and employees on their restructuring approach has been positive.