Wipro Q1 net jumps 18 per cent to Rs1,580 crore

Information technology major Wipro Ltd has reported an 18 per cent year-on-year increase in its net profit for the April-June 2012-13 quarter at Rs1,580 crore ($284 million).

The company also posted a 24-per cent increase in its quarterly revenue at Rs10,653 crore, in line with its guidance.

''In today's complex business environment, global corporations are increasingly investing in transformational technology initiatives to improve competitiveness. We see this shift as an opportunity for us to lead this change and help customers differentiate in this fast evolving market,'' Azim Premji, chairman of Wipro, said in a press release.

IT services accounted for about 78 per cent of the company's total revenue of Rs8,31,400 crore, a 30-per cent year-on-year increase. The ratio of operating income to revenue for IT Services stood at 21 per cent.

''We have delivered revenues in line with our guidance in a volatile environment. We will continue to build differentiation and invest in technology driven business transformations for our customers as well as rewarding our talent,'' TK Kurien, executive director and chief executive, IT business, said.

Wipro expects revenues from IT services business to be in the range of $1,520 million to $1,550 million, the company said in a statement.