Wipro quarterly net profit rises 18%, beats estimates as Azim Premji talks positive
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The US and Europe account for more than 75 per cent of India's IT outsourcing revenue.
Though the company remains positive on demand environment in the quarters ahead, it expressed uncertainty on execution and ramp-ups of new projects.
"It has become a little more positive. That's the good news," Wipro Executive Director and CEO (IT Business) T K Kurien said.
"The bad news is that from our perspective we see two challenges. One, we see the fiscal cliff talks still continuing and we don't know when finally the budgets would come in. And, what it would mean in terms of buying in this quarter," he added.
Kurien further said: "From our own perspective, we have picked in a little bit on caution in our guidance so that we don't kind of fall short in case the environment turns negative."
The New York Stock Exchange-listed company's results are in line with its larger peers - TCS and Infosys - which saw revenues rising 21.7 per cent and 12.1 per cent for the October-December quarter, respectively.
"We have seen broad-based growth in the quarter with all our verticals growing sequentially... Utilities and energy continue to be best performing verticals and it has seen deal closures there and in some other sectors like healthcare," Kurien said.
Wipro's IT services segment had 1,42,905 employees as of December 31, 2012, an increase of 2,336 people in the quarter.
It added 50 new customers in the reported quarter.
Wipro's Executive Director and CFO Suresh Senapaty said: "We have expanded operating margins sequentially through improvements in revenue productivity and improved cash flow generation through efficient working capital management."
The company's IT products segment recorded revenue of Rs 997 crore for the quarter, a year-on-year increase of 11 per cent, while consumer care and lighting business segment posted Rs 1,028 crore, a gain of 17 per cent year-on-year.
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