Bangalore: IT major Wipro Ltd has registered a net profit of Rs 908 crore for the first quarter of the current fiscal year, an increase of 25 per cent over the same period last year.

The company recorded a net profit of Rs 725.60 crore in the year-ago period. Wipro's IT services revenue in rupee terms stood at Rs 4,405 crore, a year-on-year growth of 39 per cent.

"We have had another satisfying quarter, revenues from our IT services were $1,067 million, ahead of our guidance of $1,060 million," Wipro Ltd Chairman Azim Premji said while announcing the results for the quarter ended June 2008. Meanwhile, year-on-year revenue stood at Rs 5,967 crore, up by 43 per cent.

The third largest software service provider, however, sounded cautious in the near term, given the uncertainty in the environment. "Looking ahead for the quarter ended September 2008,we expect our revenue from IT services to be approximately $1089 million", he added.

"During the quarter, we were able to sustain margins in spite of restricted stock units grants. Rate realisation and utilisation improved sequentially by 300 basis points and 50 points respectively."

"We have won seven multi-million deals and added 31 new customers during the quarter. We added another customer to our 100 million customer list", said Suresh Senapaty, CFO, Wipro.

"In the backdrop of economic uncertainty, Wipro's financial services and retail business demonstrated resilience. We had strong growth in our differentiated service like testing, TIS and BPO." "Our strategy of focusing on MEGA/GAMA accounts is delivering results with top customers growing ahead of company average", Premji said.
Source : PTI