Wipro Q4 attains 15% rise in net profit
Beating the forecast of slowdown, India’s third largest software services exporter, Wipro Technologies, Wednesday reported a 15% rise in net profit to Rs 1,010 crore for the fourth quarter (Q4) on Year-on-Year (YoY) under the Indian accounting standard.
In revenue, the IT giant has generated 13% more to Rs 6,451 crore in the fourth quarter. Under the US accounting standard, it reported a net profit of USD 178 million and total revenue to USD 1.3-billion on YoY for Q4.
On the basis of earned profit, the renowned IT exporter has recommended to pay a final dividend of 200% to its stake holders which would be Rs.4 per share of face value of Rs.2 for each equity. The announcement of this dividend will be decided in Board of Directors meeting today.
Commenting upon the results, Azim Premji, the Chairman of Wipro said, “2008-09 has been a landmark year for us. We did a major re-organization of our IT business at the beginning of the financial year. It has been a year of solid execution in a subdued environment resulting in industry leading growth. We have had good deal wins and generated robust pipeline.”
“During the year, we focused our energies on executing meticulously. We re-architected the operating structures of all our businesses and adapted ourselves to the changing needs of environment,” he added while describing the reason of achieving this milestone despite sluggish market demand and worsening global turmoil.
The Chief Financial Officer of Wipro Suresh Senapaty said, “During the year, we focused our energies on executing meticulously. We re-architected the operating structures of all our businesses and adapted ourselves to the changing needs of environment.”
In IT Service, the company has earned a healthy profit of Rs.1,073 crore, 24% up from the previous quarter while in FY2008-09, it gained Rs.31,290-crore, 29% more from the FY07-08.
Similarly, for the FY2008-09, Wipro earned Rs.4,400-crore net profit and Rs.25,544-crore gross revenue, a surge of 25% and 28% respectively from the previous fiscal.
During FY09, Wipro has added 110 new clients during FY'09.
In the forecast of next quarter (Q1) of FY2009-10, Wipro sketched a grim picture like its other contestant firm had painted recently while revealing their Q4 results. The bellwether IT has forecasted to achieve IT services revenue of USD1.01- 1.02 billion if Rupee stands on at 50.25 per dollar.
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