Wipro rolls out Q3 Results
Wipro has announced financial results under International Financial Reporting Standards (IFRS) for its third quarter ended December 31, 2011.
The results highlighted that IT Services Revenue was $1,505 million, a sequential increase of 2.2% and YoY increase of 12%. Non-GAAP constant currency revenue growth was 4.5% sequentially which exceeds the guidance range. Total Revenues were 99.97 billion ($1.89 billion), an increase of 28% YoY. Net income was 14.56 billion ($275 million), an increase of 10% YoY and sequential growth of 12%. Their Operating Income to Revenue for IT services was 20.8% for the quarter.
Commenting on the results, Azim Premji, Chairman, Wipro, said, "We continue to execute on our strategy and propel the business towards a higher growth trajectory. The overall macroeconomic sentiments continue to be uncertain and we are monitoring it closely."
Suresh Senapaty, Executive Director & Chief Financial Officer, Wipro, said, "Our client mining strategy continues to show progress with 6 customers contributing more than $100 million of revenues. We have improved operating margins through improved revenue productivity and currency benefits."
T. K. Kurien, Executive Director & Chief Executive Officer, IT Business, said, "We saw broad- based growth with 5 of the 6 verticals growing upwards of 4% in constant currency. Revenues in constant currency exceeded the guidance range. We have seen positive feedback from customers and employees on our restructuring approach."
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