Concept Consultants

Q3 FY09 consolidated net profit stood at Rs 1,003.9 crore as against Rs 969.8 crore Q on Q. The IT major has made a one-time provision in respect of receivables from large customers. The numbers are as per Indian GAAP accounting

They see a growth of 5-6% in constant currency terms in Q4. However, they were quick to add that clients have asked for price cuts and were mitigating price cut demands via cost transformation proposals. They also cautioned that the IT budgets of many clients would be sharply lower in 2009, but does not see many project cancellations.

Share Price movement of the stock for the day

Open at 224.85

Low 213

high 224.95

Close 219.70 ( Down by 3.70% or Rs.8.45

Results Q3 Results, wipro

Indian IT Firm WIPRO LTD, is reported to buy Citi’s India tech arm for USD 127 million for cash. Citi Tech Services is an India-based captive provider of IT services and solutions and its revenues were approximately USD 80 million in CY08. The agreement provides for delivery of at least USD 500 millon in service revenue over the period of the contract. The transaction is expected to be closed by March 2009.Citi’s Tech Head said Citi Tech Services has close to 1700 people with revenues close to USD 80 million this year. According to him, integration with Wipro will provide a larger suite of services and help drive productivity and scale.

Uncategorized buy out, citi, tech arm, USD 500 millon, wipro