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Wipro reports record Q3 profit

The U.S.-listed company (WIT: news, chart, profile) earned 2.66 billion rupees ($58 million) in the quarter, up 22 percent from the same period last year.

Revenues, meanwhile, grew 44 percent from year-ago levels to 15.62 billion rupees ($343 million).

Analysts expected a net profit of 2.43 billion rupees on sales of 14.27 billion rupees, according to a Reuters poll.

Revenues from its key telecom business soared 43 percent to 11.47 billion rupees ($252 million).


"Sustained volume growth coupled with stable pricing environment and operational improvements resulted in Wipro posting its highest ever quarterly profit after tax," Azim Premji, chairman of Wipro, said in a statement. "Business momentum continues to be strong. Looking ahead, for the quarter ending March 2004, we expect our revenue from our Global IT services business to be approximately $269 million."
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