The dollar depreciated from Rs.44.78 to Rs.48.23 during the last 12 months.

In constant currency, IT services revenue for the first quarter at $1.01 billion is a decline of three percent sequentially, but a growth of 2.1 percent year-on-year, Senapaty said.

The company's IT products business grew marginally by two percent to Rs.7.6 billion (Rs.760 crore) from Rs.7.5 billion (Rs.746 crore) a year ago.

'We are starting to see the first signs of stability in the business as ramp downs start to taper off and volumes start to stabilise. We expect revenues from our IT services to be in the range of $1,035-1,055 million in the second quarter,' Wipro chairman Azim Premji said in a statement.

The company's consumer care and lighting revenue grew by nine percent to Rs.5.46 billion (Rs.546 crore) from Rs.5.13 billion (Rs.513 crore) a year ago.

'We are adapting to the new reality with investments in value creation, go-to-market and driving significant operational productivity,' Premji said.

--Indo-Asian news Service

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