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Tuesday, April 26, 2011

Wipro results: Q4 net up 14% at Rs 1,375 cr, announces 200% dividend 2011


WiproMUMBAI: The country's third largest software exporterWipro on Wednesday reported a growth of 13.77 per cent in consolidated net profit for the quarter ended March 31, 2011, to Rs 1,375.4 crore. 

Last year, the company had posted a net profit of Rs 1,208.9 crore for the fourth quarter. 

"We have made good progress in creating a leaner, simpler and more customer-centric organisation structure. We believe our business strategy along with the new structure will deliver industry leading growth," Wipro Chairman Azim Premji said in a statement. 

IT services, which contributed 76 per cent to the company's revenues in FY'11, stood at $1,400 million, a sequential increase of 4.2 per cent and a year-on-year increase of 20.1 per cent. 

The company said it expected its revenues from the IT services business to be in the range of $1,394 million to $1,422 million for the first quarter ending June 30, 2011. IT revenue forecast is based on an exchange rate of 44.29 rupees to a dollar, in line with current rates. 

The IT revenue forecast reflects a decline of 0.4 percent at the low end to a rise of 1.6 percent at the top end when compared to the fiscal fourth quarter that ended March 31. 

"I am disappointed by their guidance. They have forecast flattish growth in the first quarter compared to expectations of about 2.5 to 3 percent growth," said Shradha Agrawal, a sector analyst with Batlivala & Karani Securities in Mumbai. 

"It will make the task of matching the growth rates of rivals tougher for them." 

Wipro's IT business, which develops software applications, integrates IT systems and manages call centres for clients such as Citi, Cisco and Credit Suisse, accounts for about three-quarters of its revenue. 

The IT services segment hired 2,894 people this quarter and 14,314 people during the financial year, taking the total headcount to 1,22,385 employees as of March 31, 2011. It added 68 new customers for the reporting quarter and 155 new customers during the year. 

"The business environment is positive and we are focusing on growth by directing investments on momentum verticals. We have announced wage hikes effective June 1, 2011, which would have an impact on the operating margins," Wipro Executive Director and Chief Financial Officer Suresh Senapaty said. 

Net income from sales for the reporting quarter stood at Rs 8,302.4 crore as against Rs 7,016.1 crore in Q4 , FY2009-10, up 18.33 per cent. 

For the fiscal ended March, 2011, the company has registered a net profit of Rs 5,297.7 crore, compared to Rs 4,593.1 crore during the previous fiscal, up 15.34 per cent. 

Net income from sales in the 2010-11 fiscal grew 14.51 per cent to Rs 31,098.7 crore from Rs 27,157.4 in the previous fiscal. 

On a standalone basis, the company has reported a net profit of Rs 1,337.6 crore for the quarter, a growth of 8.15 per cent vis-a-vis the same period last year. 

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