Wipro revenues up 4.2%

Wipro Limited reported March quarter IT Services Revenue at $1,400 million, a sequential increase of 4.2% and YoY increase of 20.1%.

The growth is slower than the 5.6% posted in December quarter and the 5.7% growth posted in September quarter, but higher than the 3.2% growth of the June 2010 quarter.

It has guided for IT Services revenues to be in the range of $1,394 million to $1,422 million for the current quarter — a sequential growth of 5.7% going by the median number.

Total Revenues were Rs 8,302 crore ($1.86 billion1), an increase of 18% YoY.

IT Services Earnings Before Interest and Tax (EBIT) was Rs 1,388 crore ($312 million), an increase of 9% YoY.

Net profit was Rs 1,375 crore ($309 million), an increase of 14% YoY.

The company’s joint-CEOs were forced to step down last quarter after continuously missing targets.

Wipro, which also sells IT products such as computers in the domestic market, saw IT Products revenues decline 3% to Rs 3,691 crore ($829 million) for the full year, while they were up 2% for the quarter.

Wipro continued to lose momentum in its R&D revenues, a key differentiator for the company among its peers. R&D revenues, as a proportion of the overall IT revenues, slipped from 15.8% during 2009-10 to 13.9% during 2010-11.