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Wipro Management Discusses F4Q 2012 Results - Earnings Call Transcript

Stocks in this article: WIT

Ladies and gentlemen, over to Mr. Azim Premji, Chairman of Wipro.

Azim Premji

Good afternoon to all of you all. Just let strictly summarize some financial results of Wipro Corporation consolidated results. We recorded revenues in quarter four of financial ‘12 of INR99 billion, a year-on-year growth of 19%. For financial year ‘12, Wipro recorded revenues of 375 billion, a year-on-year growth of 21%.

Net income for the quarter at INR14.8 billion, a year-on-year growth of 8% and net income for the year at 55.7 billion, a year-on-year growth of 5%. IT Services Business delivered sequential growth in line with our guidance.

A quick summary on our assessment to the macro environment. Overall macroeconomic environment continues to be volatile. While we have seen signs of volatility in the environment in the last three months, customers continue to be cautious.

In our discussions with business leaders we are seeing customers focused on globalization and productivity. Since clients want to identify newer growth opportunities, what they seek from us as a service provider is collaborative innovation and solutions which can change the way they do business, bring in more revenue and improve customer insight. This approach is changing the nature of demand we are seeing and it is reflected in our stronger pipeline. However, these programs have a long cycle time approaches.

Some highlights on our Wipro Consumer Care & Lighting business. In Consumer Care & Lighting we saw another quarter of 20% plus growth. Santoor revenues have crossed rupees INR10 billion milestone, coinciding with the completion of the 25 year of its existence. Since our business continues to do well, with the Enchanteur brand crossing the milestone of $100 million of revenues.

Wipro Infrastructure Engineering. We continue to see a strong growth in the Wipro Infrastructure Engineering business with India doing well and Europe stabilizing. Successful entry in two key growth markets Brazil integration is on track, strong signs of synergy from the global OEMs and sourcing from low cost country.

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