Wipro Q3 results beat street estimates

India's third largest software services company Wipro, in the midst of a turnaround, announced slightly better-than-expected third-quarter numbers. It clocked revenues of Rs 12,085 crore for the quarter ending December 31, a sequential growth of 3.8 per cent. The net profit of the company was Rs 2203 crore, a growth of 5 per cent over the previous quarter.

Wipro, however, is likely to end the year with 7 to 8 per cent growth, less than the industry growth pegged at around 13 per cent. It indicates that the company is still in the midst of a turnaround.

"We had a very satisfying quarter in terms of sequential revenue growth. We continue to see strong deal momentum as we are seen as the partner of choice for customers seeking to differentiate by using digital technologies as well as save costs in the traditional business," said Wipro CEO TK Kurien. He also expressed confidence that fiscal 2016 would be better but the company did not provide full year guidance.

Azim Premji, Chairman of Wipro, said, "Developments in the global currency and commodity markets are affecting major economies unevenly even as India anticipates growth led by next-generation of economic reforms."

Wipro's long time CFO Suresh Senapaty, with the company from 1980, is also stepping down on March 31 after reaching the retirement age of 58 years. When Senapaty joined Wipro the company had a mere Rs 40 crore in revenue. He was a key lieutenant of Premji.

Kurien also dismissed media reports on the likely elevation of Rishad Premji to the post of vice chairman of the company saying that there was no such move at this juncture. Wipro's results were released after trading hours had closed. The stock had ended the day 0.8 per cent down at Rs 555.25 on the BSE.