"We have messaged consistently from the time we started this whole process that it is going to take us 2-3 quarters to get back to industry leading growth rates," Wipro CEO (IT Business) T K Kurien said.
"Some of the other numbers that we have produced around hiring, deal wins, I would look at those as indicators of what we believe the future will look like," he added.
Wipro beat market expectations by posting a growth of 1.23 per cent in consolidated net profit for the quarter ended June 30, 2011, to Rs 1,334.9 crore. Net income from sales during the reporting quarter stood at Rs 8,564 crore, as against Rs 7,236.4 crore in Q1, FY'11, up 18.34 per cent.
"We are hitting on two fronts -- one on getting volume back and changing the quality of revenue," Kurien said.
The company said it is witnessing strong demand and client wins. During the quarter, Wipro added 49 new customers.
"Our pipeline today is building up and that gives us the confidence... We have gone through in terms of simplification of structure... Ultimately, when we get to the stage in which we are, we believe that whatever we have done now will reflect itself in volume growth and more importantly in terms of quality of revenue," Kurien said.
Rivals Tata Consultancy Services (TCS) and Infosys have also indicated strong demand for software services despite the global economic uncertainty.
IT industry chamber NASSCOM has predicted 16-18 per cent growth in IT exports from India in the current fiscal.