Wipro reports fourth quarter profits
Posted on: 19/Apr/2013 3:23:02 PM - No. of views : (1714)
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.�
