Wipro Q4 net profit jumps 41% to Rs2,239.1 crore

IT services major Wipro today reported a 41-per cent jump in its net profit for the quarter ended 31 March 2014, at Rs2,239.1 crore against a net profit of Rs2,010 crore in the third quarter of fiscal 2013-14.

Wipro Ltd, the country's third-largest IT services firm, said consolidated revenue for the January-March quarter rose 21.29 per cent to Rs11,653.5 crore.

For the full year, Wipro reported a 27 per cent jump in profit to Rs7,840.5 crore, while revenue for the year rose 16 per cent to Rs43,426.9 crore.

Wipro also forecast its IT services revenue to be in the range of $1.715 billion to $1.755 billion for quarter ending 30 June 2014.

Wipro said under the International Financial Reporting Standard (IFRS), net income for fourth quarter stood at $371 million and revenue at $2 billion.

"We expect revenues from our IT services business to be in the range of $1,715-1,755 million or an average of $1.74 billion in first quarter ending June 30," Wipro chief financial officer Suresh Senapaty said.

The upward guidance is based on the revenue target of $1.72 billion achieved in fourth quarter (January-March) of just-concluded fiscal 2013-14, which is an increase of 8.5 per cent year-on-year and 2.5 per cent sequentially.

"The steady improvement in global economy, coupled with the exciting pace of technological advancements, presents us with opportunities to create innovative solutions to help our customers differentiate, compete and succeed in their markets," Wipro chairman Azim Premji said in a statement.

Similarly, revenue for fourth quarter grew 22 per cent YoY to Rs11,700 crore, as per Indian accounting standard.

Revenue from IT services business increased by 18 per cent to Rs39,950 crore year-on-year, an under IFRS stood at $6.7 billion for FY2014.

"Our focus on process simplification, automation and platform-based delivery continues to deliver results. We are seeing the benefits through improved productivity, reduced timelines in execution and greater business agility," Wipro chief executive TK Kurien told reporters.