Wipro Q3 Net Profit up 46% at 738.9 Cr

A relaxed Wipro Chairman Azim Premji at the company's headquarters in Bangalore on Wednesday. The country's third-largest software major announced that its Q3 net profit was up 46% at Rs 738.9 crore, helped by continued outsourcing orders from overseas.

Software major Wipro on Wednesday posted a 46.28 per cent increase in net profit at Rs 738.9 crore for the quarter ended December 31, as compared to Rs 505.1 crore for the same quarter last year. The total revenue of the company increased by 45.82 per cent to Rs 3,651.1 crore for the third quarter ended December 31, from Rs 2,503.7 crore in the corresponding quarter a year ago, Wipro informed the Bombay Stock Exchange on Wednesday. “Our global IT business delivered good volume growth primarily driven by robust performance of our energy and utilities vertical, technology infrastructure services and enterprise application services. Our financial services and retail businesses delivered more than 50 per cent YOY growth,” Wipro Chairman Azim Premji said. Premji also said that the software biggie has brought down its attrition rates in both the IT and BPO businesses. He said that he expected revenue from the global IT services and products businesses to be approximately around $685 million for the quarter ending March 2007. The group posted a net profit of Rs 765.4 crore for the quarter ended December 31, as against Rs 543.5 crore in the same quarter last year. The total revenue of the group increased to Rs 3,979 crore for the December quarter from Rs 2,743.9 crore in the year-ago period.

Wipro Shares rise more than 2%:

Shares in Wipro Technologies Ltd rose more than 2 per cent in early deals on Wednesday after it reported a 40 per cent rise in quarterly net profit but warned that profit for January-March may be in a tight range. By 9:59 am, the shares were trading at 1.52 per cent higher at 646.50 rupees in a weak Mumbai market.