Wipro reports fourth quarter profits
Posted on: 19/Apr/2013 3:23:02 PM
Closely following Tata Consultancy Services’ (TCS) announcement of fourth quarter profits, the country’s third largest software services provider Wipro also announced a 16.7% rise in profits in the same period. Wipro’s, whose customers include Citigroup and Apple, shares closed 16 % lower on Thursday at Rs. 368.65.
‘We have completed the demerger of the `Diversified Business` effective March 31, 2013 to make Wipro Limited a pure play IT company. We are confident that being a technology-focused company will provide a fresh momentum for growth’, said Azim Premji, Chairman.
Executive Director and CFO Suresh Senapati said, ‘The cross currencies have been volatile and impacted our financial performance in the quarter. Excluding the impact of foreign exchange, we have been able to maintain margins on a sequential basis. We have shown significant improvements in cash flow generation for the year.’
