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Wipro to announce wage hike on June 1, says attrition rate lowest in 2 years

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Wipro, India's third-largest software services provider, said its attrition levels stood at a two-year low of 2 per cent and that it was sticking to its policy of announcing wage hikes on June 1. 

Speaking to NDTV after the results were announced, T.K. Kurien, CEO, IT business and executive director of Wipro, shrugged off concerns on its Q1 guidance, saying the first quarter has traditionally always been weak for the company.

Wipro, whose customers include Citigroup and Apple, projected first-quarter revenue for its IT services business to be in a range of $1.58 billion to $1.61 billion, a decline of 0.6 per cent to a rise of 1.6 per cent over the previous quarter. That compares with a range of 1.5-4 per cent that analysts were expecting.

Suresh Senapaty, executive director and chief financial officer of Wipro, said the company's business mix, especially of India and the Middle East, makes the first quarter weak, and that business would pick up in the second quarter of the financial year 2013-14.

The company posted a net profit of Rs. 1,729 crore in the fourth quarter of the financial year ended March 31, 2013. The net profit is a 17 per cent increase year-on-year, but flat compared to the December quarter.

Total revenues came in at Rs. 11,026 crore, a 12 per cent increase year-on-year, but an insignificant rise from the last quarter.

For the third quarter ended December 2012, the company had reported revenues of Rs. 11,025 crore and a net profit of Rs. 1,716 crore.

Story first published on: April 22, 2013 10:57 (IST)

Tags: WIPRO, Citigroup, Apple, Attrition, T.K. Kurien

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