Indian IT company Wipro has released its financial results for the quarter and year ending March 31, 2014, with results outperforming analyst expectations.

Wipro announced a 41 per cent year-on-year increase in net income for the quarter and a 27 per cent year-on-year net income increase over the whole year.

Azim Premji, Chairman of Wipro, commenting on the results said: “The steady improvement in global economy, coupled with the exciting pace of technological advancements, presents us with opportunities to create innovative solutions to help our customers differentiate, compete and succeed in their respective markets.”

T K Kurien, Executive Director & Chief Executive Officer of Wipro, said: “Our focus on process simplification, automation and platform-based delivery continues to deliver results and we are seeing the benefits through improved productivity, reduced timelines in execution and greater business agility. It is also gratifying to see that this focus has enabled improved win ratios and has also enhanced customer satisfaction.”

Highlights from the release included:

Net Income Grew 41% YoY in the quarter

IT Services Operating Margin Expanded by 150 basis points sequentially

IT Services Revenues Grew 24% YoY in the quarter

IT Services EBIT Grew 51% YoY in the quarter

Wipro awarded 10 year contract with Carillion

HCL posts rising quarter profits