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SOFTWARE INDUSTRY NEWS |
Wipro beats Q3 2009 profit estimates, predicts good Q4 |
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Wipro said its fiscal third-quarter profit rose 19% to Rs. 12.03 billion ($263 million) from Rs. 10.10 billion against the same quarter in the previous year, according to GAAP standards. Wipro attributed the stronger performance to a rise in outsourcing volume and a steady margin that boosted the results. Q3 2009 earnings per share rose to Rs. 8.19 from Rs. 6.91 rupees in Q3 of 2008. Under Indian GAAP standards, consolidated net profit totaled Rs. 12.17 billion, a rise of 21%. Revenue rose to Rs. 69.38 billion from Rs. 65.90 billion in the same period a year ago. In a statement, Wipro Chairman Azim Prejmji said the company witnessed a positive demand environment that drove broad based sequential growth across all its services and regions. He said the recovery in IT infrastructure management services has been robust, and that Wipro would "cash-in on the resurgence in business" by forming new sales teams. Wipro expects revenues from IT services to be in the range of $1.16 billion to $1.18 billion for the fourth quarter of 2009-10 that ends on March 31. Wipro also said that its IT services business added 31 new clients during Q3, and added a net of 4,855 employees. |
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