Wipro Q2 net up 17.5%, outlook bullish
Wipro today reported a 17.5% increase in net profit at Rs 823 crore for the second quarter of the current fiscal when compared with the same period of the last fiscal. The topline has grown 35% to Rs 4,784 crore in Q2FY08.
Wipro, India's third largest software exporter, has been acquiring companies during the past two years, and has so far paid out close to $900 million to acquire businesses of all sizes.
The flagship global software services business under Wipro Technologies met its sequential growth guidance, and grew 10% to cross the targeted $777 million topline to $796.5 million. On a year-on-year (y-o-y) basis, the growth has been 35%.
Profit before interest & tax (PBIT) for Global IT services and products segment stood at Rs 726 crore - a sequential increase of 14%. At 22.4%, PBIT as percentage of revenues expanded 80 basis points when compared with the previous quarter.
Wipro Infotech gains significant traction
While Infosys has been shying away from focussing on India as a market, and MNCs like IBM and HP are increasingly tapping into the Indian market to derive over $1 billion in revenues, Wipro's strategy to have a separate business unit dedicated to explore opportunities in the Indian markets as well as some key Asian markets has been paying good dividends.
Wipro Infotech, the India, Middle East & Asia Pacific IT services & products business, has recorded revenues of Rs 931 crore for the second quarter ended September 30 , 2007, a growth of 72% year-on-year and Profit before interest and tax of Rs 69 crore, a growth of 48% y-o-y. According to information available, the business unit, within the next few quarters, is expected to be a $1 billion unit.
Services business contributed 31% to total revenues during the quarter and grew 40% y-o-y. Wipro officials added that the funnel for large outsourcing contracts and integrated deals is very healthy across India and the Middle East.
Wipro Infotech, during the second quarter, won orders including a comprehensive SAP implementation project at ITC, e-commerce platform creation for Future E-Commerce Infrastructure, People Soft HRMS implementation at J&K Bank, infrastructure integration projects for BSNL, Indian Overseas Bank and Bhilai Steel Plant.
Wipro today reported a 17.5% increase in net profit at Rs 823 crore for the second quarter of the current fiscal when compared with the same period of the last fiscal. The topline has grown 35% to Rs 4,784 crore in Q2FY08.
Wipro, India's third largest software exporter, has been acquiring companies during the past two years, and has so far paid out close to $900 million to acquire businesses of all sizes.
The flagship global software services business under Wipro Technologies met its sequential growth guidance, and grew 10% to cross the targeted $777 million topline to $796.5 million. On a year-on-year (y-o-y) basis, the growth has been 35%.
Profit before interest & tax (PBIT) for Global IT services and products segment stood at Rs 726 crore - a sequential increase of 14%. At 22.4%, PBIT as percentage of revenues expanded 80 basis points when compared with the previous quarter.
Wipro Infotech gains significant traction
While Infosys has been shying away from focussing on India as a market, and MNCs like IBM and HP are increasingly tapping into the Indian market to derive over $1 billion in revenues, Wipro's strategy to have a separate business unit dedicated to explore opportunities in the Indian markets as well as some key Asian markets has been paying good dividends.
Wipro Infotech, the India, Middle East & Asia Pacific IT services & products business, has recorded revenues of Rs 931 crore for the second quarter ended September 30 , 2007, a growth of 72% year-on-year and Profit before interest and tax of Rs 69 crore, a growth of 48% y-o-y. According to information available, the business unit, within the next few quarters, is expected to be a $1 billion unit.
Services business contributed 31% to total revenues during the quarter and grew 40% y-o-y. Wipro officials added that the funnel for large outsourcing contracts and integrated deals is very healthy across India and the Middle East.
Wipro Infotech, during the second quarter, won orders including a comprehensive SAP implementation project at ITC, e-commerce platform creation for Future E-Commerce Infrastructure, People Soft HRMS implementation at J&K Bank, infrastructure integration projects for BSNL, Indian Overseas Bank and Bhilai Steel Plant.
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