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Wipro Q2 net profit up by 9.75 %

Mumbai: IT major Wipro on Friday reported 9.75 percent increase in consolidated net profit at Rs 1,284.9 crore for the second quarter ended September 30.

As per Indian accounting norms, the company had a net profit of Rs 1,170.7 crore in the corresponding quarter of the previous fiscal, Wipro said in a filing to the Bombay Stock Exchange.

For the third quarter ending December 31, Wipro expects revenues from IT services business to be in the range of USD 1,317-1,343 million, the filing added.

“We saw strong momentum in demand as customers tried to catch up with the under-investment in IT in the previous years. We continue to enhance our investments in transformational capabilities, client partners and domain solutions,” Wipro Chairman Azim Premji said.

While the macro-economic environment continues to remain uncertain, there is higher degree of confidence at the micro level, he added.

Net income from sales rose to Rs 7,730.5 crore for the September quarter as against Rs 6,917.7 crore in Q2 FY’10, it said.

IT services business, which contributed 74 percent of the total revenue during the reporting quarter, added 29 new clients, the company said.

The company registered a forex loss of Rs 41.4 crore during the July-September 2010 period against a gain of Rs 24 crore in the same period previous fiscal.

The company added 2,975 employees in this quarter taking the total headcount to 1.15 lakhs.

It had cash and cash equivalents to the tune of Rs 3,784.4 crore as on September 30, 2010.

On standalone basis, Wipro posted dip in net profit at Rs 1,172.1 crore for the second quarter ended September 30. It had a net profit of Rs 1,232.1 crore in Q2 FY’10. Net income from sales rose to Rs 6,556.9 crore in the September 2010 quarter.

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