Wipro on Friday reported a 27 per cent increase in net profit to Rs 2,010 crore for the quarter ended December 31as compared to Rs 1,589 crore in the year-ago period.

It said that revenues from continuing operations were `113.3 billion ($1.8 billion1), an increase of 18% YoY. IT services revenue was $1,678.4 million, a sequential increase of 2.9% and YoY increase of 6.4%.

IT services revenues in Rupee terms was `103.3 billion ($1,668 million1), an increase of 20% YoY. Operating Income to Revenue for IT Services was 23% for the quarter.

T. K. Kurien, CEO of Wipro, who completes three years in office, however, struck a cautious note. “We are still a work in progress.”

Azim Premji, Chairman of Wipro, commenting on the results said, “As the global economy is progressing towards stability, we see optimism amongst clients, especially in the West. Corporations are leveraging technology to reduce operational costs and investing resources in differentiating themselves in the marketplace.”