Wipro, India's third largest software services firm, posted better than expected results for the quarter ended Dec. 31, 2012. Consolidated earnings grew at 6.57% sequentially and 17.85% on year-on-year basis to Rs 17.16 billion. Analysts had on an average expected profit of Rs 16.33 billion. Total income, on the other hand, rose 3.36% sequentially and 11.11% on year-on-year basis to Rs 113.11 billion.
Commenting to the resulta Rumit Dugar, IT and telecom sector research analyst, Religare Capital Markets, said, 'Overall a mixed quarter from Wipro, with (Q,N,C,F)* revenues coming inline largely due to pricing, but volume de-growth is a soft. The volume growth has been lower than the peer group. Additionally, guidance range for the next quarter is a wide at 0.5%-3% growth and is suggests that volume outlook is uncertain. We see limited room for EPS upgrades on the stock.'
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