Wipro''s Q3 net up 19 per cent at Rs 274 crore
By Our Corporate Bureau | 22 Jan 2004
Bangalore:
Wipro Ltd overtook its guidance and market expectations
to post its highest-ever quarterly profit of Rs 274 crore
for the third quarter ended December 31, 2003, a 19 per
cent rise over the corresponding period''s Rs 231 crore
in the previous year .
Quarterly revenues totalled Rs 1,521 crore (Rs 1,108 crore), a 37-per cent jump, buoyed by the growth in the telecom sector, volume growth and stable pricing. The company issued a guidance of $269 million for its global IT services business, up from $250 million during the quarter.
``Offshoring continues to gain momentum. We expect the volume growth across businesses to sustain and expect pricing environment to be stable. However, continued appreciation of the rupee continues to put pressure on business profitability,'''' said the Wipro Chairman, Mr Azim Premji.
Wipro expects greater customer spend and the telecom sector revival to positively impact future revenue flows: ``Customers are willing to spend more and the offshoring option and Wipro''s global delivery model have come to be accepted,'''' said the Vice-Chairman, Mr Vivek Paul.
The Wipro Ltd stock which rose by as much as 2.4 per cent on the BSE during the day''s trade to Rs 1,765 fell to Rs 1,650.30 at the day''s close, a 3.7 per cent decline