Wipro has announced financial results under International Financial Reporting Standards (IFRS) for its third quarter ended December 31, 2011.
The results highlighted that IT Services Revenue was $1,505 million, a sequential increase of 2.2% and YoY increase of 12%. Non-GAAP constant currency revenue growth was 4.5% sequentially which exceeds the guidance range. Total Revenues were 99.97 billion ($1.89 billion), an increase of 28% YoY. Net income was 14.56 billion ($275 million), an increase of 10% YoY and sequential growth of 12%. Their Operating Income to Revenue for IT services was 20.8% for the quarter.
Commenting on the results, Azim Premji, Chairman, Wipro, said, "We continue to execute on our strategy and propel the business towards a higher growth trajectory. The overall macroeconomic sentiments continue to be uncertain and we are monitoring it closely."
Suresh Senapaty, Executive Director & Chief Financial Officer, Wipro, said, "Our client mining strategy continues to show progress with 6 customers contributing more than $100 million of revenues. We have improved operating margins through improved revenue productivity and currency benefits."
T. K. Kurien, Executive Director & Chief Executive Officer, IT Business, said, "We saw broad- based growth with 5 of the 6 verticals growing upwards of 4% in constant currency. Revenues in constant currency exceeded the guidance range. We have seen positive feedback from customers and employees on our restructuring approach."
