Friday, 24 July 2015

Wipro reported 4% rise in net profit at Rs 2,187.7 crore for the June quarter for 24 July 2015

Country's third-largest software services firm, Wipro reported 4% rise in net profit at Rs 2,187.7 crore for the June quarter, broadly in line with street expectations. The city-based firm expects the coming quarters to be better than the April-June, 2015 period. Total income rose 10.5 % to Rs 12,894.8 crore for the said quarter from Rs 11,669.4 crore in the April-June, 2014 quarter. The firm's IT services revenue, which constitutes a major share of the firm's total earnings, saw a sequential growth of 1.1 % to $1.79 billion. Wipro's larger rivals TCS and Infosys posted good set of numbers. For the quarter ended June, Infosys reported a sequential revenue growth of 4.5%, while TCS posted a 3.5% jump. "Over all while we are seeing a stable demand environment, large deals are competitive and there is pressure on pricing in new deals. There is significant churn around the nature of technology consumption across the run and change side of the business," Wipro CEO and Member of Board T K Kurien said. For the July-September 2015 quarter, Wipro expects its IT services revenues to be in the range of $1,821 million to $1,857 million.

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