Wipro has announced its Q1 results, with revenue up 43 per cent year-on-year and net profit rising 15 per cent to $190 million. 

The IT services division of the firm recorded revenue of $1,023 million, up 40 per cent over the same period last year. Profit before interest and tax (EBIT) was $205 million, 35 per cent more than the same period last year.

At a press conference held in one of its Bangalore centres, Wipro chairman Azim Premji described it as 'another satisfying quarter”.

He said revenues from IT Services were $1,067 million for the quarter. With a backdrop of significant economic uncertainty, he said, the Financial Services and Retail businesses demonstrated their resilience. India's richest man claimed the comnpany also had strong growth in its differentiated service lines such as Testing, TIS and BPO. Wipro gained 31 new clients in IT Services during the first fiscal quarter.

Chief financial officer Suresh Senapaty accepted that Wipro was unable to sustain margins in spite of restricted Stock Units grants during the quarter, but said rate realisation and utilisation improved sequentially by 300 basis points and 50 basis points respectively. Senapathy stressed Wipro’s seven multi-year, multi-million dollar deals. X