Wipro Q2 Revenue up 35 per cent, PAT Rs 824 Cr

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Bangalore, Oct 19: Despite appreciating Rupee hitting the operating hard, IT giant Wipro maintained its robust growth with a revenue of Rs 4785 crore, 35 per cent up on year on year basis and a PAT of Rs 824 crore for the second quarter ending September 30.

This was against the revenue of Rs 3546 crore and PAT of Rs 700 crore during the corresponding period last year.

The half yearly revenue rose to Rs 8988 crore and the net to Rs 1549 crore.

Announcing the results company CMD Azim Premji said the results demonstrated strong execution by Team Wipro on all fronts like revenue growth, profitability management, large deal wins, inorganic initiatives, geographic expansion, alliances and partnerships.

However, the hardening Rupee hit the Global IT business hard affecting the operating margin by 3.6 per cent. It was minimised to 1.9 per cent with the company taking up various initiatives mainly cost cutting.

Though the revenue growth in terms of dollar was 35 per cent, the hardening rupee resulted in the revenues grow by just 19 per cent on rupee terms.

Company CFO Suresh Senapathy said the due to the Rupee appreciating by 10.5 per cent during the half, Wipro had lost Rs 1500 crore in revenues on annualised basis. Rupee fell from Rs 44 to a Dollar to Rs 40 during the period, he added.

Mr Premji was however unperturbed and said, "looking ahead, for the quarter ending December 2007, we expect our Revenue from our Global IT Services business to be approximately at 905 million dollars, including Revenues of around 60 million dollars from acquisitions." He said the results for the quarter demonstrate strong execution by Team Wipro on all fronts. Revenues from our Global IT Services was at 796.5 million dollars, including Revenues of USD 6.4 million from recently acquired Infocrossing. It was ahead of our guidance of 777 million dollars the company had set during the first quarter. "We saw broad-based growth across Verticals, Services and Geographies," he said.

He said during the quarter, we won some large multi-million dollar deals and the deal pipeline continues to be robust. Building out its theme of benefiting clients through Applied Innovation, Wipro partnered with global industry bodies to launch the first ever global awards to recognize best practices in co-innovation and global sourcing.

UNI

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