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Wipro Q3 revenues $1.8 billion

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Staff writer ▼ | January 20, 2014
Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for its third quarter ended December 31, 2013. Revenues from continuing operations were $1.8 billion, an increase of 18% year-over-year.
Wipro
WiproWipro Limited announced financial results under International Financial Reporting Standards (IFRS) for its third quarter ended December 31, 2013. Revenues from continuing operations were $1.8 billion, an increase of 18% year-over-year.


Net Income from continuing operations was $325 million, an increase of 27% year-over-year which includes a non-recurring expense incurred due to the cessation of manufacturing Wipro branded desktop, laptops and servers. Excluding the non-recurring expense, Net Income from continuing operations was $328 million, an increase of 28% year-over-year.

Non-GAAP adjusted net income from continuing operations was $325 million, an increase of 27% year-over-year. IT Services Revenue was $1,678.4 million, a sequential increase of 2.9% and year-over-year increase of 6.4%. IT Services Revenues in Rupee terms was $1,668 million, an increase of 20% year-over-year. IT Services Earnings Before Interest and Tax (EBIT) was $384 million, an increase of 33% year-over-year.

Operating Income to Revenue for IT Services was 23% for the quarter. The Opus CMC acquisition was completed in January 2014, upon completion of customary closing conditions. Opus CMC's revenue for calendar year 2013, prior to the closing of the acquisition, was approximately $ 43 million. Wipro declared an interim dividend of $0.051 per share /ADS.


 

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