Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for its second quarter ended September 30, 2014.
Highlights of the Results for the Quarter ended September 30, 2014:
- Total Revenues were Rupee 116.8 billion ($1.9 billion1), an increase of 8% YoY.
- Net Income2 was Rupee 20.8 billion ($337 million1), an increase of 8% YoY.
- IT Services Revenue was $1,771.5 million, a sequential increase of 1.8% and YoY increase of 8.6%.
- Non-GAAP constant currency IT Services Revenue in dollar terms grew 3% to $1,793.1 million, within our guidance range of$1,770 million to $1,810 million.
- IT Services Margins was 22.0%. IT Services Margins includes profit on sale of a strategic investment during the quarter.
Performance for the quarter ended September 30, 2014
Azim Premji, Chairman of Wipro, said, "Business leaders in the US continue to exhibit increased confidence on growth prospects. Clients are increasingly looking to drive business value from their technology investments. We are seeing positive sentiment in India with the confidence that the Government is focused on driving an agenda of growth."
T K Kurien, Executive Director & Chief Executive Officer of Wipro, said, "While the industry landscape is still undergoing change, we see multiple opportunity spaces for growth and gaining market share. We continue to execute to our stated strategy of leveraging platforms for non-linear growth and creating differentiated solutions around the new technology paradigms."
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said – "In Q2, we continued to build on our leadership position in Infrastructure Services and continued the momentum of deal wins. During the quarter, the benefits of rupee depreciation were negated by the US Dollar's appreciation against other major currencies. We continued to drive productivity and improving operating levers even as the effect of salary hike on this quarter's Operating Margin was on expected lines."
To view an unabridged version of this press release, visit: http://www.wipro.com/Documents/investors/pdf-files/IFRS-Press-Release-Q2-FY15.pdf
