8% profit rises for Wipro in Q4

         One of the leading IT Company Wipro has announced flat revenue guidance at 0.6% for Q1 in 2012-13, below the market expectations. The markets were expecting a bold guidance from the said company. 

         The company also reported a flat sequential growth for fiscal 2012 at 2% in dollar terms. The company said its June ending quarter revenue from IT services are expected to be in the range of $1,520 million and $1,550 million, indicating a decline of 1% in a growth rate of close to 1% range.

         Wipro chairman Mr. Azim Premji said despite the overall macroeconomic environment continuing to be volatile, Wipro had achieved 8% increase in consolidated net profit at Rs 1,481 crore for the fourth quarter ended March 31. Its total revenues grew by 19% at Rs 9,869 crore in the mentioned quarter.

          The flagship IT services business which accounted 76% of the company overall revenues, posted 13% growth in operating profit at Rs 1,573 crore when compared with the same quarter in the previous fiscal. The IT services revenues in the quarter grew by 21% to Rs 7,590 crore on year-on-year basis. When compared with the previous quarter, the operating profit and revenues of IT services business dropped marginally by 0.63 and 0.23% respectively. “We have been seeing some signs of positivity in the market in the last three months. However, customers continue to be cautious,” Premji said.