Outsourcer Wipro&#8217;s profit growth down on higher wages
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India&#39;s third largest outsourcer Wipro reported a 32 percent increase in revenue in the quarter ending December 31, but profits grew by only 11 percent over the same quarter last year, reflecting&#160;higher salaries in India, and reduced margins as a result of its&#160;acquisition last year of U.S. IT services provider Infocrossing.Infocrossing&#39;s margins were lower than that of Wipro even before the acquisition, although the company said last year that it hoped to increase utilization at its datacenters by offering the option of hosting in the U.S. to some of its outsourcing clients.Wipro&#39;s revenue for the quarter was 52.36 billion rupees ($1.33 billion) at the exchange rate on the closing date of the quarter, while its profits were 8.26 billion rupees. Wipro&#39;s revenue from its export business, Global IT Services and Products, was 36.14 billion rupees, up by 26 percent over the same period last year.The U.S. economy, which is the largest market for Indian outsourcers, is facing challenges, but there has not been any impact yet on Wipro, Azim Premji, chairman of the company told analysts.Indian largest outsourcer, Tata Consultancy Services, and second largest outsourcer, Infosys Technologies, both reported strong revenue growth for the quarter, despite concerns that the Indian outsourcing industry was likely to be hit by the&#160;weakening of the U.S. dollar. The U.S. is the largest market for Indian outsourcers, accounting for about 66 percent of export revenue, and the rupee has appreciated by about 12 percent against the dollar from the beginning of this year.The appreciation of the rupee against the U.S. dollar pushes down rupee realizations for revenue earned in the U.S. by Indian companies, even as staff costs in India are going up.Wipro got better prices for its services during the quarter, and added 39 new clients, which helped push up its top line. Improved price realizations and productivity also helped counter the impact of the weakening dollar, said Suresh Senapaty, Wipro&#39;s chief financial officer. &quot;We have a healthy pipeline of large deals going forward,&quot; Premji said.The company had 79,832 employees as of December 31, which included 59,925 employees in its IT Services and products business and 19,907 employees in its BPO (business process outsourcing) services business.
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The demand for wireless chips takes a turn for the worse for this company.
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(InfoWorld) - Indian outsourcer WiproÂ is to develop open-source business software and offer system integration services around the open-source database from software vendor Ingres, which will be marketed jointly by the two companies. The tie-up with Wipro is one of a number of systems-integration partnerships that Ingres plans with Indian outsourcers, said Vivek Bhatnagar, Ingres' country director for India, on Wednesday. Last month, the companyÂ struck a deal with Satyam Computer Services, an outsourcer in Hyderabad, India, to meet the systems integration needs of government, retail, and pharmaceutical customers around the world. It also has partnerships with outsourcers in the U.S. that have operations in India, like Cognizant Technology Solutions, an IT services company in Teaneck, New Jersey. Indian outsourcers can influence their customers worldwide to use Ingres' open-source software, said Bhatnagar. Ingres can also refer some of its clients to Indian outsourcers that have a practice around Ingres' technologies, he added. Ingres is also planning tie-ups with multinational service providers that have services delivery from India, Bhatnagar said. Wipro of Bangalore is setting up an open-source Center of Excellence around Ingres' technology, the company announced Wednesday. The company will focus on software in the areas of business intelligence, content management, data warehousing, and business process management, Bhatnagar said. Wipro brings in the business expertise, while Ingres will provide the technology platform on which Wipro will be able to provide an open-source alternative to its enterprise customers, he added. Wipro's Ingres open source practice will also focus on the Indian market, where open source adoption is accelerating, Wipro said.
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The contract electronics manufacturer posted a 90 percent drop in quarterly net profit, but earnings excluding special charges were higher than expected.
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India's third-largest software company Wipro Ltd. said Friday that its net income for the October-December quarter rose 11 percent from a year ago due to strong outsourcing orders.
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com. AT&amp;T Wireless announced a drop in sales and profits, as it moved closer to its planned acquisition by Cingular Wireless. The firm earned $117 million on revenues of $4.
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Phone company Qwest Communications International Inc  on Tuesday cut its earnings outlook for the year, sending its shares down 4 percent, though its quarterly profit rose with the help of a tax benefit and cost cuts.
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Cingular Wireless on Wednesday said record new subscribers drove revenue higher in the third quarter, but blamed a decline in operating profit on increased costs to gain customers and from its pending merger with AT&amp;T Wireless Services Inc.
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Indian outsourcer WiproÂ is to develop open-source business software and offer system integration services around the open-source database from software vendor Ingres, which will be marketed jointly by the two companies.
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Infosys Technologies and Wipro, India&#39;s second and third-biggest software firms, are competing to purchase a US analytics firm in a deal valued at up to 160 million dollars, a report said Friday.
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NEW YORK  - AT&T Wireless Services Inc.  said on Tuesday its third-quarter profit declined as customers spent less per month, offsetting a rise in net new customers.
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(InfoWorld) - India's third largest outsourcer, Wipro, Thursday reported growth in revenue and profit, although like other Indian outsourcers, it too was affected by theÂ appreciation of the Indian rupeeÂ against the U.S. dollar. The company posted total revenue of Indian rupees 41.83 billion ($1.03 billion) in the quarter ended June 30, up 34 percent over revenue in the same period last year. Net revenue was rupees 7.1 billion, up by 16 percent for the same period a year ago. Wipro, of Bangalore, has both a domestic and export business. Its export-oriented outsourcing business, called Global IT Services and Products, posted revenue of rupees 29.4 billion, up by 20 percent over the same period last year. The company's operating margin for this business was however down from the same quarter last year because of the strong rupee. The results are based on U.S. generally accepted accounting principles (GAAP), the company said. The company's export business had 72,137 employees as of June 30, which included 53,073 employees in its IT services and products business, and 19,064 employees in the BPO (business process outsourcing) services business. The company added 4,319 staff during the quarter of which 2,719 employees were added in its IT services and products business and 1,600 employees in its BPO business. During the quarter, some of the company's services lines like technology infrastructure services and software package implementation grew by over 50 percent year-on-year, while its BPO and testing services grew by over 40 percent year-on-year. The company's export business accounted for 70 percent of total revenue and 91 percent of operating income for the quarter. Wipro does not report profits separately for this business, which added 39 new outsourcing clients in the quarter.
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Wireless technology company Qualcomm Inc.  on Wednesday reported a higher quarterly profit on growing global demand for cellular networks using its technology.
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Wipro Technologies, the global services arm of Indian outsourcing company Wipro Ltd., plans to open a software development center in Atlanta, the company said.
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The New York Times Company said yesterday that its profit for the year would fall short of what it had initially forecast, a casualty of higher costs and of advertising revenue that has
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Shares of the worldâs biggest maker of mobile networks fell 24% after announcing a drop in third-quarter profit amid weaker demand for equipment in Europe and the U.S.
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The electronics giant reports a fall in profits at the same time as rivals Matsushita and Canon see their profits increase.