Wipro posts strong growth in revenue and net income

Wipro posts strong growth in revenue and net income

Indian IT services company, Wipro, reported a 60 per cent increase in net income for its third fiscal quarter, on revenue up 34 per cent compared to a year earlier.

Wipro had revenue for the quarter of $US478 million as of December 31, the last day of the period reported. This was an increase of 34 per cent on the year-earlier figure. The company made net income for the quarter of $US97 million, an increase of more than 60 per cent on the year-earlier figure of $US60 million..

The company breaks IT revenue down into two lines of business, services and products, and two geographic areas: one covers India and the Asia-Pacific zone with the other, the "global" region, covering the rest of the world. The bulk of Wipro's revenue for the quarter came from global sales of IT services. There was also a major contribution from IT services sold in India and the Asia-Pacific region.

The company also had significant non-IT revenue from its consumer care and lighting division and other activities.

Over the next quarter, Wipro expects revenue from its global IT services business to grow to around $US370 million, compared to around $US363 million in the quarter to December 31, it said.

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