I.T. infrastructure company Wipro posts record growth in Q1 income

Wipro Ltd., a global provider of I.T. infrastructure and services for multichannel retailers and other businesses, posted record 13% year-over-year growth in first quarter net income, as revenue rose 5% to 63.87 billion Indian Rupees (US$1.32 billion) the company says.

“We are starting to see the first signs of stability in the business as ramp downs start to taper off and volumes start to stabilize,” chairman Azim Premji says.

For the first quarter ended June 30, it reported:

• Q1 revenue rose 5% to 63.87 Indian Rupees (US$1.32 billion), up from 60.42 Indian Rupees (US$1.25 billion) a year ago.
• Net income rose 13% to 8.95 billion Indian Rupees (US$185.0 million), up from 10.10 billion Indian Rupees (US$208 million) a year ago.

Bangalore, India-based Wipro had more than 98,000 employees as of June 30. It maintains its main U.S. office in East Brunswick, NJ.