Technology major Wipro has announced the results for the quarter ended Dec. 31, 2008 under consolidated Indian GAAP it recorded 25% growth in revenues; profit after tax grew 18% and crossed Rs10 billion during the quarter.
The company disclosed a rise in consolidated net profit for the quarter ended December 2008. During the quarter, the profit of the company grew 17.55% to Rs 10,039 million from Rs 8,540 million in the same quarter previous year. *Highlights of the results:* IT services revenue based on exchange rate as of September 30, 2008 at USD 1,126 million, ahead of our guidance of USD 1,121 million. IT services revenue in dollar terms was USD 1,100 million, a sequential decline of 0.9% (growth of 3.5% in constant currency) and YoY growth of 12.4% (growth of 19.2% in constant currency). Total revenues were Rs. 65.39 billion (USD 1.35 billion), representing an increase of 25% over the same period last year. Net income was Rs. 8.98 billion (USD 185 million1) on a GAAP basis, representing an increase of 9% over the same period last year. Non-GAAP adjusted net income (excluding impact of currency translation on foreign currency loan, related cross currency swap and India fringe benefit tax) was Rs. 9.7 billion (USD 200 million), representing an increase of 17% over the same period last year. IT services revenues were Rs. 50.64 billion (USD 1,042 million), representing an increase of 30% over the same period last year. IT services earnings before interest and tax (EBIT) was Rs. 10.13 billion (USD 209 million), representing an increase of 27% over the same period last year. IT services added 31 new clients in the quarter. IT products recorded a 26% growth in Revenues over the same period last year and EBIT grew by 70%. Consumer care and lighting revenue grew 20% over the same period last year and EBIT grew 10%. *Performance for the quarter ended Dec. 31, 2008 and outlook for our quarter ending Mar. 31, 2009* Azim Premji, chairman of Wipro, commenting on the results said, ``For the quarter ended December 2008, we delivered a strong performance with (Q<http://myiris.com/shares/company/quoteShow.php?icode=WIPRO>, N <http://myiris.com/shares/news/corporateNews.php?cSelect=5&icode=WIPRO>,C<http://myiris.com/shares/company/chartShow.php?cSelect=2&icode=WIPRO> ,F) <http://myiris.com/shares/company/financial.php?cSelect=3&icode=WIPRO>* IT services revenues growing sequentially 3.5% in constant currency. We continue to win large deals; we won 4 multi-year multi-million dollar deals in the current quarter. We added 31 new customers.`` ``We are living in tough times; the macro-economic challenges are significant and impacting businesses across segments. However, recessions do not last, resilient companies do. I am confident Wiproites are resilient to withstand the near term challenges posed by an uncertain environment and come out stronger than ever. Looking ahead, for the quarter ending Mar.31, 2009, we expect the revenue from our IT Services business including revenues from the acquisition of Citi Technology Services to be approximately USD 1,045 million,`` Premji said. Suresh Senapaty, executive director & chief financial officer of Wipro, said, ``It was another quarter of strong performance. Our Revenues were at USD 1,126 million, ahead of our guidance of USD 1,121 million, as measured in exchange rates prevailing as on Sep. 30, 2008. Our price realization improved sequentially in constant currency through higher productivity, while absorbing impact of lower working days during the quarter. We improved our offshore mix and significantly increased our mix of revenues from fixed price projects.`` ``We made a one-time provision in respect of receivables of a large customer which impacted our margins by 60 basis points. Excluding this one-time impact, we were able to expand margins by 10 basis points,`` Senapaty added. The impact of salary increase and drop in Utilization were made up by benefits from currency and other operational parameters. • Guidance is based on constant currency exchange rates. For the convenience of the reader, the amounts in Indian rupees in this release have been translated into USD at the noon buying rate in New York City on Dec. 31, 2008, for cable transfers in Indian rupees, as certified by the Federal Reserve Bank of New York, which was US USD 1=Rs.48.58. However, the realized exchange rate in our IT services business segment for the quarter ended Dec. 31, 2008 was USD1=Rs. 46.03. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Kences1" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/kences1?hl=en -~----------~----~----~----~------~----~------~--~---
