Wipro Q3 net profit outruns market estimate, Jatin Dalal named new CFO

Bangalore: IT services major Wipro today reported a 8 percent growth in its consolidated net profit at Rs 2,192.8 crore for the quarter ended 31 December 2014 led by growth in healthcare and infrastructure services. The country’s third largest software services firm had posted a net profit of Rs 2,014.7 crore in the year-ago period, it said in a BSE filing.[caption id=“attachment_2050515” align=“alignleft” width=“380”]  Wipro Suresh Senapaty. AFP[/caption] Consolidated revenue was up 7 per cent at Rs 12,085.1 crore in the October-December quarter this fiscal from Rs 11,327.4 crore in the same quarter of 2013-14 fiscal. The figures are on IFRS basis. IT services revenue rose by 7 percent to $1.79 billion in the third quarter compared to the year-ago period. Quarter-on-quarter, the revenue was up by 1.3 percent. Wipro had indicated that it expected its December quarter revenues to be in the range of $1.8-1.84 billion. The city-headquartered firm has projected IT services revenues to be in the range of $1.81-1.85 billion in the January-March quarter of 2014-15 fiscal. Commenting on the performance, Wipro chairman Azim Premji said, “Developments in the global currency and commodity markets are affecting major economies unevenly even as India anticipates growth led by next-generation of economic reforms.” The IT services segment had a headcount of 156,866 as of 31 December 2014 and the company added 44 new clients during the third quarter. Wipro CEO TK Kurien said, “We had a very satisfying quarter in terms of sequential revenue growth. We continue to see strong deal momentum as we are seen as the partner of choice for customers seeking to differentiate by using digital technologies as well as save costs in the traditional business.” The company declared an interim dividend of Rs 5 per share of per value Rs 2 each. Wipro CFO Suresh Senapaty said, “During the quarter, we saw all round growth led by growth in our Healthcare & Life Sciences business and Global Infrastructure Services.” The company also announced that Senapaty will retire from the company on 31 March 2015, after attaining the age of superannuation. Wipro Senior VP (Finance) Jatin Dalal will take over the role of Senapathy, effective 1 April 2015. Scrips of the company today closed at Rs 555.25, down by 0.79 percent from their previous close on the BSE. PTI