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Bangalore, Oct 19: Wipro Ltd, the country’s third largest software vendor, on Wednesday reported a 16% growth in net profit at Rs 478 crore for Q2 2005-06 over Rs 411.7 crore recorded in Q2 of 2004-05. The company’s revenues grew 27% from Rs 1,978.5 crore to Rs 2,506.8 crore. Though the results were in line with market expectations, the stock lost 1.23% in volatile trade after hitting a intra-day high of Rs 377 to close at Rs 368.70 on BSE. The Sensex also fell 151 points on Wednesday.
Among the three IT majors, Wipro’s profit growth is lower than that of Infosys and TCS which posted a growth of 35.57% and 20.70%, respectively in their consolidated net profits. Wipro’s consolidated revenues growth is lower than Infosys’ 31.16% but higher than TCS’ 21.83%. “In our global IT business, we have clocked revenue of $430.7 million, outperforming our earlier guidance of $422 million,” Wipro chairman Azim H Premji said.
The company’s subsidiary Wipro BPO, earlier known as Wipro Spectramind, has registered a muted growth of 10% in revenue at Rs 181.7 crore during the second quarter. “In line with our expectations, the BPO business witnessed flat revenue, but significantly improved profitability,” Mr Premji said. The company expects its non-voice BPO business, currently contributing 16% of the division’s revenue, to grow to 40% in a year’s time.
The company has made a net addition of 4,575 people in its IT services business in Q2. It currently employs 45,835 professionals, including 32,856 in IT services and 12,979 in BPO.
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