Wipro Q4 PAT at Rs 2,227 crore, beats estimates
Wipro reported a PATof Rs 2,227 crore versus Rs 2014.7 crore QoQ. This is above an ET Now poll estimate of Rs 2,080 crore.
By ET Online | Updated:
NEW DELHI: Wipro, India's third largest IT services exporter, reported a Profit After Tax (PAT) of Rs 2,227 crore versus Rs 2014.7 crore QoQ. This is above an ET Now poll estimate of Rs 2,080 crore.
The company had reported a profit of Rs 17.29 crore a year earlier. Wipro posted a 29 percent rise in its net profit, beating expectations, helped by increased IT spending by its customers.
The company reported a sales figure of Rs 11,704 crore for the fourth quarter of FY14 versus Rs 10,327.4 crore QoQ.
Like its rivals Infosys Ltd and Tata Consultancy Services Ltd, Wipro is banking on a revival in demand for IT services in the industry's biggest markets as the economies of the United States and Europe improve.
Ahead of the earnings, shares in Wipro closed the day at Rs 585.55, up 2.39% on the Bombay Stock Exchange. The stock hit an intra-day high of Rs 589 and a low of Rs 574.05.
According to analysts, in the immediate short-term Wipro may face some bit of selling pressure post results and investors can look at partially booking profits.
However, the long-term uptrend still remains intact and patient investors should hold onto their long positions as the stock may touch levels above Rs 600 in short-to-medium term.
Wipro has recovered strongly from lower levels after posting better than expected results in the last two quarters.
India's outsourcing sector generates more than 90 per cent of its sales from providing services, including setting up IT networks and developing software applications for overseas clients.
The company had reported a profit of Rs 17.29 crore a year earlier. Wipro posted a 29 percent rise in its net profit, beating expectations, helped by increased IT spending by its customers.
The company reported a sales figure of Rs 11,704 crore for the fourth quarter of FY14 versus Rs 10,327.4 crore QoQ.
Like its rivals Infosys Ltd and Tata Consultancy Services Ltd, Wipro is banking on a revival in demand for IT services in the industry's biggest markets as the economies of the United States and Europe improve.
Ahead of the earnings, shares in Wipro closed the day at Rs 585.55, up 2.39% on the Bombay Stock Exchange. The stock hit an intra-day high of Rs 589 and a low of Rs 574.05.
According to analysts, in the immediate short-term Wipro may face some bit of selling pressure post results and investors can look at partially booking profits.
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However, the long-term uptrend still remains intact and patient investors should hold onto their long positions as the stock may touch levels above Rs 600 in short-to-medium term.
Wipro has recovered strongly from lower levels after posting better than expected results in the last two quarters.
India's outsourcing sector generates more than 90 per cent of its sales from providing services, including setting up IT networks and developing software applications for overseas clients.
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