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ParityPortal | October 21, 2017

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Wipro registers ₹16.2b ($275m) profit for Q1

Wipro registers ₹16.2b ($275m) profit for Q1
Ravi Mandalia

India’s third largest outsourcing firm Wipro has registered 11 per cent higher profits for the first quarter of the current financial indicating that there has been an uptick in overseas customer confidence.

The increase in profits was accompanied by 5 per cent increase in revenue which stood at ₹97.3b ($1.64b). For the current quarter Wipro has forecast revenues in tune of US$1.65 billion. Azim Premji, Wipro’s chairman said in a press release, “We are seeing higher confidence among our clients on the backdrop of positive macroeconomic developments, particularly in the U.S.”

T. K. Kurien, CEO of Wipro, said “We are seeing a pickup in large deal closures which has reflected in strong order book in the current quarter.”

“Our clients look to technology to pursue growth and profitability and increase organizational agility,” he added.

Wipro revealed that current quarter may be a little rocky as compared to the previous one as they have increased salaries of quite a few onsite as well as offsite personnel.

Boost in customer confidence is also evident from the financial results for Tata Consultancy Services (TCS) which registered a 10 percent boost in profits.