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Wipro beats Q3 PAT estimates; Suresh Senapaty retiring, Jatin Dalal to take over as CFO

16 January, 2015

Azim Premji-led Wipro Ltd, India’s third-largest software services provider, has elevated Jatin Dalal as the new Chief Financial Officer (CFO) of the company, effective April 1, 2015, as per a stock market disclosure.

Dalal, currently senior vice president – finance at the company, will take over the role of CFO from Suresh Senapaty, who is retiring on March 31, 2015 after completing over three decades with the company, it said in the filing to BSE.

“Suresh has been an integral part of the company’s think-tank and has played a catalytic role in taking the company to great heights. His exemplary contribution has seen Wipro setting new benchmarks in finance, governance and strategy,” Azim Premji, chairman, Wipro Ltd, said.

Suresh Senapaty and Jatin Dalal will work together through quarter ending March 31, 2015 to ensure a smooth transition.

“It has been an exciting, challenging and fulfilling journey for me. Wipro has been an outstanding place to work, learn and grow. Helping build Wipro’s finance function and a strong culture of corporate governance apart from being a part of the organisation’s growth journey are memories that I cherish,” Senapaty said.

Jatin Dalal, a Chartered Accountant, had joined Wipro in 2002 and has been instrumental in taking up diverse and challenging assignments in Wipro’s finance function including setting up of Wividus – the company’s shared services division besides strengthening the company’s Financial Planning & Analysis and Investor Relations functions.

Q3 financial results

Meanwhile, the IT major announced its October-December financial results and reported around 9 per cent increase in its consolidated net profit to Rs 2,192.8 crore, on the back of growth in healthcare and infrastructure services, against a net profit of Rs 2,014.7 crore in the year-ago period.

Total revenue of the company also rose by around 6 per cent to Rs 12,085.1 crore in the quarter ended December 31, 2014 from Rs 11,327.4 crore in the same quarter of 2013-14 fiscal.

The company’s IT services revenue grew by 7 per cent to $1.79 billion in the third quarter compared to the year-ago period.

“During the quarter, we saw all-round growth led by growth in our Healthcare & Life Sciences business and Global Infrastructure Services,” Wipro CFO Suresh Senapaty said while commenting on the performance.

The company reported a headcount of 156,866 as of December 31, 2014 for its IT services segment, and added 44 new clients during the third quarter.

Shares of Wipro closed the day at Rs 555.25, down by 0.79 per cent from their previous close on the BSE in flat Mumbai market on Friday.

(Edited by Joby Puthuparampil Johnson)


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Wipro beats Q3 PAT estimates; Suresh Senapaty retiring, Jatin Dalal to take over as CFO

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