India’s third and fourth largest software firms have come out with their Q1,2009 results today on July 18th,2008. For the first quarter ending June 30,2008; Wipro has reported a net profit of 908 crores which is a growth of 25% Y-o-Y. The revenues of the company stood at 5,967 crores which is up by 43% Y-o-Y. Despite the US slow down the numbers look impressive as compared to other software firms. As of June 30, the company has a employee base of 95,675, and it added 31 new clients. For more on this you can visit here.

Now coming Satyam Computers services Ltd, as per Indian GAAP , the revenues of the company stands at 2,620 crores for the quarter ending June 30,2008 which is up by 43.2% Y-o-Y and 8.5% sequentially(quarterly). The net profits after tax(PAT) is 547.7 crores which is a growth of 44.8% Y-o-Y and 17.3% sequentially. The earning per share(EPS) of the company in this quarter is Rs 8.16. The company now has 46,620 associates and it added 34 new clients in Q1,2009. Satyam also gave a positive outlook for the coming year. And we have seen the stock doing well compared to other IT counters recently. You can find more on this here.

But the traders seems not to be very happy with the results of Satyam and Wipro. Wipro is trading down by 5.32%  currently and Satyam is down by 4.50%. But the IT stocks will be the best hedge given the current market scenario in the days ahead.

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