Wipro to promote 20,000 employees

Jul 24, 2010 |

Correspondent

Bengaluru, July 23: Helped by a lower tax rate, tech major Wipro Limited reported a better than expected net profit of Rs 1,319 crore – up 9.2 per cent over the previous quarter. Turnover for the firm was up 3.6 per cent to Rs 7,236 crore. Revenue from the IT services business was up 3.2 per cent, a little less than what the firm had guided for. On the revenue front, Wipro’s growth has been less than that of its peers — Infosys and TCS.

The company is also facing worries on the employee front — attrition during the quarter touched almost 16 per cent. The company is going all out to retain employees — it has introduced restricted stock options for senior employees and is promoting 20,000 employees — with effect from July 1.

For the quarter ending September 30, 2010, the company is expecting revenue from its IT Services business to be in the range of $1,253 million to $1,277 million, a sequential increase of 4.1 to 6.1 per cent.

“This has been a strong quarter for us, where we are seeing a strong demand environment despite the Europe debt crisis, with India, Middle East and the APAC markets leading the growth,” said the chairman, Mr Azim Premji, commenting on the results.

“The segments that have grown well are — financial solutions, media, telecom, manufacturing, retail, product engineering services, ADM and packaged implementation. We added the highest number of billable employees ever, (3,100 employees) in this quarter as a result of increasing demand and our guidance for the next quarter reflects momentum.”

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