For FY14, Wipro reported 17% higher net profit on better margins in its IT services business
Wipro Ltd, India's third largest IT company, in FY14 posted 17% higher consolidated net profit of Rs7,797 crore from Rs6,639 crore, its total revenues grew 16% to Rs43,755 crore from Rs37,685 crore in the year ago period. Wipro achieved better margins in its IT services business during FY14.
Wipro said, “IT Products segment delivered revenue of Rs11.1 billion ($185 million) for the quarter ended 31 March 2014, a YoY increase of 3%. Revenue for the year end 31 March 2014 was Rs38.8 billion ($646 million), a decrease of 1% YoY.”
Azim Premji, chairman of Wipro, said, “The steady improvement in global economy, coupled with the exciting pace of technological advancements, presents us with opportunities to create innovative solutions to help our customers differentiate, compete and succeed in their respective markets.”
In its quarter to end-March said its net profit 28.80% to Rs2,227 crore from Rs1,729 crore, its total revenues 21.75% to Rs11,704 crore from Rs9,613 crore a year ago period.
“We continue to systematically work on improving our operational efficiencies resulting in expansion of full year IT Services operating margins by 195 basis points,” said Suresh Senapaty, executive director & chief financial officer of Wipro.
The IT Services segment has 1,46,053 employees as of 31 March 2014. Wipro added 59 new customers during the March quarter.
Wipro shares closed 2.39% on Thursday at Rs585.55 on the BSE, while the 30-share benchmark Sensex closed 1.58% up at 22,628.84
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