Wipro Q1 net up 18% at Rs 1,580 cr

Total income from operations rose 24% to Rs 10,619 cr from Rs 8,538 cr in year-ago period

Soap to software major Wipro Ltd reported 18.37% increase in consolidated net profit at Rs 1,580.2 crore for the first quarter ended June 30, 2012. The total income from operations during the quarter rose by 24.37% to Rs 10,619.6 crore from Rs 8,538.4 crore in the year-ago period.

"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," Wipro Chairman Azim Premji said in a statement.

The revenues from the flagship IT services business which accounted about 78% of its revenues witnessed a growth of 30% when compared to the same period last year and stood at Rs 8,314 crore.

"IT Services revenue in dollar terms was impacted by $25 million of cross currency impact and was $1,515 million, a year-on-year increase of 8%," Wipro said in a statement.

 "We have seen high levels of volatility in currencies globally. We have improved profitability, while continuing to invest for growth," Wipro Executive Director and Chief Financial Officer Suresh Senapaty said.

The company had estimated IT services revenues to be in the range of $1,520 million to $ 1,550 million for the April-June 2012 quarter. For the quarter ending September 30, 2012, the company has maintained its revenue outlook to be in the same range, assuming that exchange rates of dollar will be at Rs 54.76.