Wipro’s Q2 net profit slips to Rs 1,284 crore


IT major Wipro has reported its earnings for the July-September quarter. The company’s net sales for the second quarter rose to Rs. 7,730.5 crore against Rs. 7,236 crore in the previous quarter.

However, the net profit declined to Rs. 1,284 crore against Rs. 1,319 crore in the previous quarter (April-June, 2010).

The numbers are below the Street’s expectations. An NDTV poll expected the net sales at Rs. 7,794.96 crore and net profit at Rs. 1,310 crore.

IT services revenues were Rs. 5,747 crore for the second quarter. Suresh Senapaty, executive director & CFO, “We saw a strong volume growth of 6.6 per cent driven by higher offshore mix. The operating margins for IT Services declined during the quarter due to the impact of employee progressions, restricted stock units grants and lower foreign exchange realizations.”

The company said that it added 29 new clients in the second quarter and 2,975 new employees were added.

Azim Premji, chairman of Wipro, said, “We saw strong momentum in demand as customers tried to catch up with the under-investment in IT in the previous years. For the quarter ended December 31, 2010, we expect revenues from our IT Services business to be in the range of $1,317 million to $1,343 million, a sequential increase of 3.5 per cent to 5.5 per cent.”

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This post was submitted by Chinmaya Kumar Nayak.

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