Wipro net profit up 11 percent in fiscal 2014-15

IT bellwether Wipro Ltd. on Tuesday evening reported net profit of Rs.8,653 crore for the just-concluded fiscal 2014-15, registering 11 percent year-on-year (YoY) growth, as per the Indian accounting standard.

In a regulatory filing to the stock exchanges after trading ended, the global software major said total revenue grew 8 percent YoY to Rs.46,954 crore for the fiscal under review (FY 2015), as per the Indian GAAP (generally accepted accounting principles).

Under the International Financial Reporting Standard (IFRS), net income for whole fiscal increased to $1.4 billion and gross income to $7.5 billion.

Revenue from IT services grew 10 percent YoY to Rs.44,018 crore, while for products, it declined 12 percent YoY to Rs.3,401 crore, according to Indian GAAP.

Under IFRS, revenue from IT services for FY 2015 grew 7 percent YoY to $7,082 million ($7.1 billion).

The IT outsourcing major's net profit for fourth quarter (January-March) of the fiscal grew just 2 percent YoY and 3.6 percent sequentially (quarter-on-quarter) to Rs.2,272 crore under the Indian accounting standard.

Revenue for quarter under review (Q4) grew 4 percent YoY and 1.2 percent sequentially to Rs.12,142 crore, as per the Indian GAAP.

Under IFRS, net income at $366 million is 5.1 percent up sequentially, while gross income at $1.9 billion is flat sequentially from the previous (third) quarter.

Revenue from IT services increased 3.2 percent YoY to $1,775 million ($1.8 billion) but decreased 1.2 percent sequentially in dollar terms under IFRS, while it increased in rupee terms six percent YoY to Rs.11,242 crore.

IT products revenue declined 15 percent YoY to Rs.945 crore in the quarter (Q4).