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From the News Desk
Thursday, 31. August 2006
Wipro Q2 Net Up
Wipro Ltd. has reported a rise of 44 percent in its third quarter net profit. Wipro said net profit under U.S. accounting standards rose to 6.14 billion rupees in April-June. Revenue rose 37 percent to 31.31 billion rupees.
Wipro, which develops software for microchips and telecoms equipment, said it expects wage rises to hurt margins. Wage increases would have an impact of about 1.5 percent on its operating margin in the July-September quarter.
Software services companies are finding it difficult to retain staff as foreign firm expands their operations in India. According to analysts salaries are climbing 15 percent a year.
11 analysts on average had expected the company to earn net profit of 6.03 billion rupees, on revenue of 30.97, according to Reuters Estimates.
"Looking ahead, for the quarter ending September 2006, we expect our Revenue from our Global IT services business to be approximately USD 577 million," said Azim Premji, Chairman of Wipro.
Wipro, which develops software for microchips and telecoms equipment, said it expects wage rises to hurt margins. Wage increases would have an impact of about 1.5 percent on its operating margin in the July-September quarter.
Software services companies are finding it difficult to retain staff as foreign firm expands their operations in India. According to analysts salaries are climbing 15 percent a year.
11 analysts on average had expected the company to earn net profit of 6.03 billion rupees, on revenue of 30.97, according to Reuters Estimates.
"Looking ahead, for the quarter ending September 2006, we expect our Revenue from our Global IT services business to be approximately USD 577 million," said Azim Premji, Chairman of Wipro.
