Wipro Limited today announced financial results under International Financial Reporting Standards (IFRS) for its third quarter ended December 31, 2013.
Highlights of the Results:
Results for the Quarter ended December 31, 2013:
- Revenues from continuing operations were `113.3 billion ($1.8 billion1), an increase of 18% YoY.
- Net Income from continuing operations was `20.1 billion ($325 million1), an increase of 27% YoY which includes a non-recurring expense incurred due to the cessation of manufacturing Wipro branded desktop, laptops and servers. Excluding the non-recurring expense, Net Income from continuing operations was `20.3 billion ($328 million1), an increase of 28% YoY
- Non-GAAP Adjusted Net Income from continuing operations was `20.1 billion ($325 million1), an increase of 27% YoY.
- IT Services Revenue was $1,678.4 million, a sequential increase of 2.9% and YoY increase of 6.4%.
- IT Services Revenues in Rupee terms was `103.3 billion ($1,668 million1), an increase of 20% YoY.
- IT Services Earnings Before Interest and Tax (EBIT) was `23.8 billion ($384 million1), an increase of 33% YoY.
- Operating Income to Revenue for IT Services was 23% for the quarter.
- The Opus CMC acquisition (announced in December 2013) was completed in January 2014, upon completion of customary closing conditions. Opus CMC’s revenue for calendar year 2013, prior to the closing of the acquisition, was approximately $ 43 million.
- Wipro declared an interim dividend of `3 ($0.051) per share /ADS.
Performance for the quarter ended December 31, 2013
Azim Premji, Chairman of Wipro, commenting on the results said, “As the global economy is progressing towards stability, we see optimism amongst clients, especially in the West. Corporations are leveraging technology to reduce operational costs and investing resources in differentiating themselves in the marketplace.”
T K Kurien, Executive Director & Chief Executive Officer of Wipro, said, “Our focus on account management has yielded encouraging results. We continue to execute to our strategy for superior engagement with clients while investing in emerging technologies to drive towards a higher growth trajectory. During the quarter, our Global Infrastructure Services business grew strongly on revenues.”
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said – “Our strategy of ‘standardization at the core’ is yielding results. Our investments in automation and productivity tools have driven efficiencies and helped us expand margins of IT Services by 54 basis points to 23%.”
To view an unabridged version of this press release, visit: http://www.wipro.com/Documents/investors/pdf-files/IFRS-Press-Release-Q3-FY14.pdf
