Wipro Seeking Acquisitions; Shortlist Few Firms
Jul 28 14
Wipro Ltd. (BSE:507685) is looking at acquiring companies, especially IT service companies that cater to healthcare and manufacturing sectors. The company has cash reserves of $2 billion. "We are currently involved in 8-10 discussions," said Jatin Dalal, Chief Financial Officer, IT business, Wipro. Wipro has shortlisted a few firms valued between $50 million and $200 million, Sangita Singh, Chief Executive Officer, healthcare and life sciences, Wipro said. Jatin Dalal stated: "We look at ATCO deal more as a large outsourcing contract than an acquisition," Dalal said. He added: "It has to be affordable and a strategic fit which will fill the gap we see in our portfolio and a cultural fit. We have a certain way of doing business. It should align with that. It may be an IT service company or a service company coupled with products. Platforms that enable us serve our customers and enhance our service offerings yes, but certainly not a pure play IT product company." The company's key focus for growth is winning large deals, especially in major markets such as North America and Europe.
Wipro Ltd. Reports Audited Consolidated and Standalone Earnings Results for the First Quarter Ended June 30, 2014; Provides Revenue Guidance for the Second Quarter Ending September 30, 2014
Jul 24 14
Wipro Ltd. reported audited consolidated and standalone earnings results for the first quarter ended June 30, 2014. For the quarter, on consolidated basis, the company reported gross revenues of INR 111,358 million against INR 97,294 million for the same period a year ago. Total income from operations was INR 112,455 million against INR 97,332 million a year ago. Results from operating activities were INR 23,771 million against INR 17,702 million for the same period in the last year. Profit before tax was INR 27,122 million against INR 20,568 million for the same period in the last year. Profit attributable to equity holders of the company was INR 21,032 million or INR 8.54 per diluted equity share against INR 16,233 million or INR 6.60 per diluted equity share for the same period in the last year. Net sales or income from operations (net of excise duty) was INR 112,455 million compared to INR 97,332 million a year ago. The company generated operating cash flow of INR 21.7 billion, which was 103% of the net income. Free cash flow was INR 18.4 billion, which was 88% of net income.
For the quarter, on standalone basis, the company reported net sales or income from operations (net of excise duty) of INR 99,634 million compared to INR 87,674 million a year ago. Total income from operations was INR 101,041 million compared to INR 87,823 million a year ago. Profit from operations before other income, finance costs and exceptional items was INR 22,549 million compared to INR 17,248 million a year ago. Profit from ordinary activities before tax was INR 26,434 million compared to INR 17,698 million a year ago. Net profit for the period was INR 20,672 million compared to INR 13,380 million a year ago. Diluted EPS before and after extraordinary items was INR 8.40 compared to INR 5.44 a year ago.
For the second quarter ending September 30, 2014, the company expects revenues from its IT Services business to be in the range of USD 1,770 million to USD 1,810 million.
Wipro Ltd. Wins aStrategic Ten Year Total Outsourcing Engagement with ATCO Ltd
Jul 17 14
Wipro Ltd. announced that it has entered into a strategic alliance with Alberta-based ATCO Ltd. As part of this alliance, Wipro will provide total outsourcing solutions to ATCO in Canada and Australia. Wipro and ATCO have signed a series of Master Services Agreements under which Wipro will provide the complete suite of IT services to ATCO.
Wipro Ltd., Board Meeting, Jul 23, 2014
Jul 14 14
Wipro Ltd., Board Meeting, Jul 23, 2014. Agenda: To consider AGM.