Wipro expects Q2 IT svcs revenue at $ 1089 mn

By CNBC-TV18s research analyst, Raja Rajeshwari

Wipro has announced its Q1 FY09 results (Indian GAAP). Consolidated net sales were up 5% at Rs 5,981.1 crore versus Rs 5,691.9 crore on QoQ basis. Its consolidated net profit was up 4.2% at Rs 907.8 crore versus Rs 871.6 crore on QoQ basis.

The company's Q1 (U.S. GAAP) revenues were at Rs 5,962.3 crore versus Rs 5,595.3 crore, up 6.6% on QoQ basis. Its Q1 (U.S. GAAP) net profit was down 7% at Rs 813.9 crore versus Rs 875.4 crore on QoQ basis. The forex loss stood at Rs 68 crore. CNBC-TV18 estimated at Rs 5762. 1 crore and net profit of Rs 873 crore.

MTM losses stood at Rs 934.4 crore of which only Rs 66 crore has been recognized in P&L over the quarters and rest kept in balance sheet.

Q1 margin was at 17.9%.

Hedges of USD 2,639 million, GBP 75 million, Euro 18 million and JPY 7,682 million

Q1 onsite billing up 3.9% sequentially

Q1 offshore billing rate up 3% sequentially

Q1 volume up 2.2% sequentially

Q1 pricing remained stable

Guidance

Q2 IT services revenue is seen at USD 1089 million.