Wipro Increases 21% in third quarter of 2009-10

If you know about Indian economy then perhaps you already know that the fiscal year is counted from 1 April to 30 March. Thus, we are getting the results of 3^rd quarters for the major companies. Earlier today, Wipro announced that its profit increased by 21% compared to the same time of last fiscal year. It is an IT outsourcing company and perhaps the good gain happened because of improving condition in countries like USA. A year ago, in the 3^rd quarter of the previous fiscal year, the global economy was suffering from recession. So, things are getting better for the company.

Hindustan Times reported:

It painted an optimistic outlook for the quarters ahead, aided by new markets and more hiring.

“We have seen a positive demand environment which has driven broad based sequential growth across all verticals, service lines and geographies,” Wipro chairman Azim Premji said.

He said the company expects IT budgets among customers to remain marginally positive to flat.

Wipro expects its IT services revenue to rise 3.6-5.4 per cent in January-March from the previous quarter to $1.16-$1.18 billion.

This results of Wipro are perhaps an indication that things may get better for the outsourcing industry of India in 2010. In the next 2-3 days, there will be announcements from other major companies in IT and mobile phone sectors.