Wipro

Like the rest of the bigwigs in the IT pack, Wipro too did not disappoint and posted much better than expected numbers. For Q3FY13, the company posted a 18% rise in its consolidated net profit at Rs.1,716 crore. Sequentially, it was up 6.5%. Revenue rose 10% at Rs.11,025 crore; up 3.3% on QoQ. IT services revenues rose 3% sequentially and in dollar terms, it rose 2.33%. EBIT margins rose marginally from 20.67% to 20.82%. The company added 50 new clients and added 2,336 employees in current Q3, taking the total employee count to 142,905.  

Cash and cash equivalents at the end of Q3 stood at Rs.6859 crore. In terms of geographic distribution, 39% came in from USA, 25% from Europe and this was actually a 15% YoY rise despite the trying times in the region. India contributed 19%, almost flat in YoY. In terms of deposits placed with banks, ICICI leads, followed by Axis, HSBC and Citi Bank. The company had a forex gain at Rs.76 crore. It paid tax at the rate of 21.9% compared to 23.9% paid in Q2. The company has been in the news lately, following its demerger plans - Wipro Consumer Care & Lighting (including furniture business), Wipro Infrastructure Engineering (hydraulics and water businesses) and its medical diagnostic product and services business into a separate company to be named Wipro Enterprises Limited (WEL), which will be an unlisted company.