#GreyhoundInMedia: Wipro Q1 IT svcs sales at $1.74 bn; guides $1.77-1.81 bn Q2 #Press #Media #MoneyControl

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IT services major Wipro today reported a 29.5 per cent growth in its consolidated net profit at Rs 2,103.2 crore for April-June period, helped by large deals in the application and infrastructure space. The Bangalore -headquartered firm had posted a net profit of Rs 1,623.3 crore in the year-ago period, it said in a BSE filing.

“Its been a lukewarm period overall for the IT industry at large, including Wipro. That said, few contracts over the last quarter has helped Wipro get access to more high-profile deals at a time when outsourcing demand looks stronger as compared to previous years,” Greyhound Research CEO Sanchit Vir Gogia said.

Gogia said ATCO deal will definitely add to Wipro’s overall growth, particularly in the Utilities vertical. “However, currently it is early to comment on the actual benefits and outcomes will only be visible once all formalities have been completed,” he added. Going ahead, Gogia said the company is expected to gain substantially if it manages to crack the Rs 1,200 crore call centre deal from Reliance Communications. 

Wipro is also planning to invest in upcoming software firms, a clear sign of their intent to also sell software to their customer base, Gogia said.

Attrition still remains one of the key issues that the management needs to address, he added.

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