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Azim Premji optimistic on US demand

Wipro on Friday said its net profit from continuing operations increased to $273 million for the quarter ended June 30, 2013, an increase of 11% year-on-year.

BT Online Bureau | July 26, 2013 | Updated 19:23 IST

Wipro on Friday said its net profit from continuing operations increased to $273 million for the quarter ended June 30, 2013, an increase of 11 per cent year-on-year.

Revenues from continuing operations were up at $1.64 billion, an increase of 5 per cent year-on-year.  The figures are based on International Financial Reporting Standards.

IT services revenue was $1,588.3 million, a sequential increase of 0.2 per cent and YoY increase of 4.9 per cent. Azim Premji, Chairman of Wipro, commenting on the results said, "We are seeing higher confidence among our clients on the backdrop of positive macroeconomic developments, particularly in the US."

Wipro expects revenues from its IT services business to be in the range of $1,620 million to $1,650 million in the September quarter.

The IT services segment had 147,281 employees as of June 30, 2013, an increase of 1,469 people in the quarter.

T K Kurien, Executive Director & Chief Executive Officer of Wipro, said, "We are seeing a pickup in large deal closures which has reflected in strong order book in the current quarter. Our clients look to technology to pursue growth and profitability and increase organizational agility."

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