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Wipro Q1 FY2013 result fails to meet expectations

Anup Varier | July 25, 2012
Wipro Limited has announced its financial results under International Financial Reporting Standards (IFRS) for its first quarter ended June 30, 2012, reporting total revenues of $1.92 billion (INR 106.53 billion), a Year-on-Year (YoY) increase of 24 percent.

"The guidance for 2Q also reflects the macro uncertainty and the limited revenue visibility for the company," said Shah.

"Wipro's guidance for IT services for 2QFY13 of 0.3-2.3 percent QoQ growth looks decent though lower than our expectation of 1-3 percent QoQ, especially after continuous disappointments since last couple of quarters in terms of guidance," added Somani.

Commenting on the results, Azim Premji, Chairman of Wipro, said, "In today's complex business environment, global corporations are increasingly investing in transformational technology initiatives to improve competitiveness. We see this shift as an opportunity for us to lead this change and help customers differentiate in this fast evolving market."

 

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