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Wipro ups IT revenue guidance on growth signs

This article was posted on Nov 2, 2012 and is filed under Market News

Bangalore: Indian IT bellwether Wipro Ltd Friday projected higher revenue, albeit marginally, from its flagship IT services business for the third quarter (October-December) of this fiscal (2012-13) on signs of growth in the technology space.

“We expect revenue from our IT services business to be in the range of USD 1.56-1.59 billion or an average of USD 1.57 billion for this quarter (Q3),” the global software major said in a statement here.

In contrast to the flat growth the company projected and posted during the last two-three quarters, the outlook for the third quarter is 2.2 percent higher sequentially from USD 1.54 billion in second quarter (July-September) of this fiscal under International Financial Reporting Standard (IFRS).

“We have delivered revenue in line with our guidance and are continuing to see consistent improvement in our engagement with customers and employees,” Wipro IT business chief executive T.K. Kurien said in the statement.

The company, however, does not give annual revenue guidance or for its non-IT business, which is being hived off into a separate entity from this fiscal.

In a regulatory filing earlier in the day, Wipro notified that it posted net profit of Rs.1,611 crore (Rs.16.11 billion) for second quarter (Q2) of this fiscal (FY 2013), registering 24 percent growth year-on-year (YoY) and two percent sequentially.

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