Wipro : Net Income UP 30%

Wipro Financial results under International Financial Reporting Standards (IFRS) for its first quarter ended June 30, 2014.

Highlights of the Results for the Quarter ended June 30, 2014:

Ø Total Revenues were Rs. 111.4 billion ($1.9 billion), an increase of 14% YoY.

Ø Net Income was  Rs. 21.0 billion ($351 million), an increase of 30% YoY.

Ø IT Services Revenue was $1,740.2 million, a sequential increase of 1.2% and YoY increase of 9.6%.

Ø IT Services Operating Margins was 22.8%.


Performance for the quarter ended June 30, 2014 Azim Premji, Chairman of Wipro, said, “We see a significant rise in business confidence in developed markets as well as India. The new government at the Centre has brought about hope and confidence in the minds of all stakeholders through reform pronouncements with fiscal prudence. We expect greater economic activity including investments in India.”

T K Kurien, Executive Director & Chief Executive Officer of Wipro, said, “We continue to win large deals particularly in the application and infrastructure space. We recently announced our largest
 ever total outsourcing deal. These wins demonstrate confidence of clients in our transformational
 capabilities and re-affirm our faith in our client engagement strategy.”

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said We continue to
drive operational efficiency and invest in our strategy. Operating margins for the quarter was on
 expected lines, impacted largely due to wage hikes.

Outlook for the Quarter ending September 30, 2014

Expect Revenues from our IT Services business to be in the range of $ 1,770 million to $ 1,810

* Guidance is based on the following exchange rates: GBP/USD at 1.70, Euro/USD at 1.37, AUD/USD at 0.94, USD/INR at 59.66 and USD/CAD at 1.07

For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on June 30, 2014, for cable transfers in Indian rupees, as certified by the

Federal Reserve Board of New York, which was US $1= `60.06. However, the realized exchange rate in our IT Services business segment for the quarter ended June 30, 2014 was US$1= `60.39

Ø IT Services Revenues in Rupee terms was `105.1 billion ($1,750 million1), an increase of 18% YoY.

Ø IT Services Earnings Before Interest and Tax (EBIT) was `24.0 billion ($400 million1), an increase of 35% YoY.

Ø Non-GAAP constant currency IT Services Revenue in dollar terms was $1,725.3 million, within guidance range of $1,715 million to $1,755 million.

The IT Services segment had 147,452 employees as of June 30, 2014. We added 35 new customers for the quarter.

For media contact
R.Vellaichamy, Account Manager
K2 Communications Pvt Ltd, Redefining PR
18 A, Railview Apartments, Vaishanva College Road,
Lakshmi Nagar, Chrompet, Chennai 600044
Mobile: +91 9884552209
www.k2communications.in

prvellai@gmail.com
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