Wipro Q3 net profit up 18% YoY

Technology major Wipro reported 3.51 % rise in net profit to Rs 1,003.90 crore for the Oct-Dec quarter compared with Rs 969.80 crore in the previous quarter, while on a year-on-year basis, net profit rose 18 %.
Net sales grew 1.75 % to Rs 6634.30 crore in the quarter ended Dec 31, 2008 as against Rs 6519.60 crore in the last quarter.

On a standalone basis, the company's net profit stood at Rs 733 crore in the Oct-Dec period against Rs 852.50 crore sequentially. Net sales decreased to Rs 539.70 crore from Rs 540.50 crore in the Jul-Sep quarter.

Results Highlights:

• IT services revenue based on exchange rate as of September 30, 2008 at $1,126 million, ahead of Wipro guidance of $1,121 million

• Wipro Limited Revenue increased by 25 per cent (YoY) to Rs. 6,618 crore; profit

grew by 18% to Rs. 1,004 crore.

• IT Services Revenue in dollar terms was $1,100 million, a sequential decline of 0.9% (growth of 3.5% in constant currency) and YoY growth of 12.4% (growth of 19.2% in constant currency).

• In rupee terms, Revenue for IT Services stood at Rs. 50.79 billion (Rs. 5,079 Crores), a YoY growth of 31%.

• Profit Before Interest & Tax (PBIT) for IT Services segment was Rs. 1,045 crore, a growth of 26% YoY.

• IT Services business added 31 new clients during the quarter.

• IT Products business recorded a 25% YoY growth in Revenues and 45% YoY growth in PBIT.

• Wipro Consumer Care and Lighting business Revenue grew 21% YoY and PBIT grew 17% YoY.