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Wipro's third quarter profit up 17%; revenues up by 13%

Wipro has guided for revenue of $1,575-$1,610 million from IT services in the first quarter, up just 1.6% at the higher end

Wipro 's third quarter consolidated net profit rose near 1% quarter-on-quarter (17% year-on-year) to Rs 1,729 crore. India's third largest software services exporter's net sales were, however, disappointing, up just 0.3% sequentially (13% y-o-y) to Rs9,613 crore.

 

Wipro's revenue from IT services rose 13% y-o-y to Rs8554 crore.

 

Its US dollar revenue growth though disappointed. Wipro's IT service revenue rose just 0.5% q-o-q (3% y-o-y) to $1,585 million, just meeting the lower end of its guidance.

 

“The cross currencies have been volatile and impacted our financial performance in the quarter,” said Suresh Senapaty, ED and CFO.

 

Excluding the forex impact, Senapaty said margins were stable sequentially and the company has shown significant improvement in cash flow generation for the year.

 

Wipro has guided for revenue of $1,575-$1,610 million from IT services in the first quarter, up just 1.6% at the higher end.

 

Wipro shares closed at Rs369.05, down 1.5% on NSE on Thursday. The Indian stock markets are closed on Friday.

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Former Pak president Musharraf arrested; presented before magistrate

The arrest came a day after the Islamabad High Court ordered the arrest of Gen Musharraf for not cooperating with police officials investigating a case registered against him for detaining dozens of judges, including Supreme Court Chief Justice Iftikhar Chaudhry, during the 2007 emergency

Former Pakistan president Pervez Musharraf was on Friday arrested in a case relating to the imposition of emergency rule in 2007 and was presented before a magistrate, becoming the first former army chief to face such action.

 

Police officials arrested the 69-year-old former military strongman this morning and took him to the court of judicial magistrate Muhammad Abbas Shah.

 

The police officials informed the magistrate that they did not need physical custody of Gen (retd) Musharraf and he could be placed in judicial custody.

 

However, lawyers for several persons who have filed petitions against the former army chief for imposing emergency in 2007 and detaining over 60 members of the superior judiciary contended that he should kept in police custody.

 

They also questioned why the General had not been handcuffed by police after his arrest.

 

Gen Musharraf’s lawyer Qamar Afzal argued that his client should be kept in judicial custody as there were serious threats to his life. The magistrate reserved his verdict in the matter and Musharraf left the court complex after waiting for some time for a decision.

 

Footage on television showed Gen Musharraf being led into the magistrate’s small office by dozens of policemen and paramilitary personnel. Musharraf looked shaken and was wearing a waistcoat over a shalwar-kameez.

 

Sources said that authorities had asked for him to be placed in judicial custody as this would allow the administration of Islamabad to declare his farmhouse at Chak Shahzad a ‘sub-jail’ and detain him there.

 

Authorities have been focussing on this measure as officials are not keen on holding Gen Musharraf at a jail due to threats to his life.

 

The arrest came a day after the Islamabad High Court ordered the arrest of Gen Musharraf for not cooperating with police officials investigating a case registered against him for detaining dozens of judges, including Supreme Court Chief Justice Iftikhar Chaudhry, during the 2007 emergency.

 

However, immediately after Justice Shaukat Aziz Siddiqui revoked his pre-arrest bail and ordered police to detain him, Gen Musharraf and his security detail fled from the Islamabad High Court complex and drove to his farmhouse.

 

Gen Musharraf’s lawyers were unable to file an appeal in the Supreme Court on Thursday as they were unable to complete certain formalities before the court closed for the day.

 

Earlier this week, Musharraf was disqualified from contesting next month’s general election, effectively ending his ambitions for a political comeback. Authorities have also barred him from travelling out of Pakistan.

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