April 30, 2010

Highest Attrition rate in Wipro

Returning to normal for India’s third largest software services firm Wipro -- and peers like Infosys and Tata Consultancy Services -- means not just recovering sales but also a return to the days of high staff attrition and wage pressures.Wipro saw attrition rocket to 17.1 per cent for the quarter, up from 8.4 per cent during April to June 2009. The company added net 5,325 employees during the quarter, bringing the total headcount to 108,071, and said wage hikes had cut into margins.

Wipro Ltd said quarterly profit jumped 21 per cent to Rs 12.1 billion ($269 million), as rising global demand for outsourcing spread from financial services to lagging sectors like technology and telecommunications.“We have seen another strong quarter of broad based, volume led growth,” Chairman Azim Premji said in a statement. “The business environment is returning to normal.”

Revenue for the January to March quarter was Rs 69.8 billion ($1.6 billion), 8 per cent higher than a year earlier. Wipro also recommended a dividend of Rs 6 a share and an offer of two bonus shares for every three.

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