Bangalore, July 22 - India's third largest IT bellwether, Wipro, remained profitable in the first quarter this fiscal despite marginal revenue decline in its global IT services business sequentially and annually.

Even for the second quarter, revenue from its flagship IT services business is expected to remain flat in the $1.03-$1.05 billion range, as against the $1.03 billion garnered in the first quarter this fiscal, but still less than the $.1.11 billion earned in the corresponding quarter last fiscal.

According to the company's financial statement for the quarter under review, net profit grew 12 percent year-on-year to Rs.10.16 billion (Rs.1,016 crore), while consolidated revenue increased five percent to Rs.62.74 billion (Rs.6,274 crore) as per the Indian accounting standard.

Under the International Financial Reporting System (IFRS), net income grew 13 percent to $212 million, while total revenue jumped five percent to $1.31 billion.

'Revenue from our global IT services business at $.1.03 billion in the first quarter is a decline of 1.3 percent sequentially and 3.3 percent,' said Wipro chief financial officer Suresh Senapaty Wednesday.

The projected guidance for the second quarter this fiscal, in the range of $1.03-$1.05 billion, will be a decline of 3.4-1.7 percent on constant currency basis and down 6.