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Wipro Infotech promises consistent growth
IT major Wipro declared its Q1 FY08 results yesterday. In Q1, the company posted a net profit of Rs 726 crore, down 15.2% against Rs 856 crore in the previous quarter. During the corresponding quarters, its net revenue was 3%, at Rs 4,203 crore versus Rs 4,333 crore on a QoQ basis.
IT major Wipro declared its Q1 FY08 results yesterday. In Q1, the company posted a net profit of Rs 726 crore, down 15.2% against Rs 856 crore in the previous quarter. During the corresponding quarters, its net revenue was 3%, at Rs 4,203 crore versus Rs 4,333 crore on a QoQ basis.
According to Wipro's CFO, Suresh Senapaty, the rupee rise impacted margins by 3.4%, but it was restricted to 2.4%. The company expects most growth in Q2 to be volume driven.
The management of Wipro said that the growth came mainly from financial and telecom services as well as its BPO arms.
Suresh Vaswani, President of Wipro Infotech said, "Wipro Infotech had a superb performance this quarter. We grew from a revenue perspective by 64% YoY; we grew from a profit perspective by 61%. This is the fifth quarter in a row where we have led the industry growth rates in India."
He emphasised on the company's consistency of growth. He said, "We are actually growing consistently, almost twice that of market growth. So, this is a validation of the strong IT solution proposition that we get to the domestic customers."
