Wipro Q1 profit up 30% Y-onY
The Azim Premji-led company recorded 5.8% sequential decline in profit hit by salary hikes; projects stronger dollar-revenue growth in the range of 1.7-4 percent in Q2
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Last Updated: Jul 25, 2014, 08:49 IST1 min
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India’s third-largest software-services exporter Wipro on Thursday posted a 5.8 percent sequential decline in net profit to Rs 2,100 crore during the April-June stretch largely hit by salary hikes during the quarter. The company recorded a profit of Rs 2,230 crore in the preceding March quarter. For the Bangalore-based IT firm year-on-year profit was up 30 percent backed by foreign exchange gains during the first quarter of the current fiscal. Wipro recorded a forex gain of Rs 109.8 crore during the June quarter compared to Rs 5.2 crore in the same period last year.
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Year-on-year dollar revenue was up 9.6 percent backed by surge in outsourcing demand. Wipro’s dollar revenue growth was in line with estimates as analysts tracking the sector projected the IT major to post sequential dollar revenue growth in the range of 1-1.5 percent. However, Wipro’s revenue growth lagged behind its larger rivals TCS and Infosys, which recorded a growth of 5.5 percent and 2 percent respectively during the same period.
First Published: Jul 25, 2014, 08:49
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