Wipro jumps after good Q3 outcome

Wipro surged 5.55% to Rs 586.05 at 09:21 IST on BSE after consolidated net profit rose 9% to Rs 2190 crore on 6% growth in total revenue to Rs 11990 crore in Q3 December 2014 over Q3 December 2013.

The result hit the market after market hours on Friday, 16 January 2015. The results are as per International Financial Reporting Standards (IFRS).

Meanwhile, the BSE Sensex was up 115.84 points, or 0.41%, to 28,237.73

On BSE, so far 73,358 shares were traded in the counter, compared with an average volume of 1.20 lakh shares in the past one quarter.

The stock hit a high of Rs 591 and a low of Rs 585 so far during the day. The stock hit a 52-week high of Rs 621.50 on 7 October 2014. The stock hit a 52-week low of Rs 475.35 on 19 May 2014.

The large-cap company has an equity capital of Rs 493.76 crore. Face value per share is Rs 2.

Wipro's IT services segment revenue in rupee terms rose 10% to Rs 11340 crore in Q3 December 2014 over Q3 December 2013.

IT services revenue rose 7% to $1.795 billion in Q3 December 2014 over Q3 December 2013. Non-GAAP constant currency IT services revenue in dollar terms rose 3.7% to $1.836 billion, within the company's earlier guidance range of $1.808 billion to $1.842 billion.

Wipro expects its revenue from IT services business at between $1.814 billion to $1.85 billion in Q4 March 2015.

Commenting on the company's Q3 performance, Azim Premji, Chairman of Wipro said, "Developments in the Global currency and commodity markets are affecting major economies unevenly even as India anticipates growth led by next-generation of economic reforms".

T K Kurien, Executive Director & CEO of Wipro said, "We had a very satisfying quarter in terms of sequential revenue growth. We continue to see strong deal momentum as we are seen as the partner of choice for customers seeking to differentiate by using digital technologies as well as save costs in the traditional business".

Suresh Senapaty, Executive Director & CFO of Wipro said, "During the quarter, we saw all round growth led by growth in our Healthcare & Life Sciences business and Global Infrastructure Services. The share of fixed price contracts increased to over 55% of engagements - a reflection of the maturity of Wipro's customer engagement model".

Meanwhile, Wipro on Friday, 16 January 2015, announced that Suresh Senapaty, the current Chief Financial Officer (CFO) and Executive Director (ED) will retire on attaining the age of superannuation on 31 March 2015 after completing a distinguished career spanning over three decades with the company. Jatin Dalal, Senior Vice President - Finance will take over the role of CFO, effective 1 April 2015, Wipro said.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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