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Wipro joins Infosys in the $billion club

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DQW Bureau
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India’s second most valued IT Company in market capitalization, Wipro Ltd

has registered a revenue of Rs 5,881 crore for the year end-ing March 31, 2004.

This repre-sents a 36 percent increase over a year ago period. Profit After Tax

(PAT) stood at Rs 1, 032 crore for the fiscal, an increase of 26 percent against

a year earlier.

The company’s last quarter, ended March 31, 2004 revenue increased by Rs

1,786 crore, an increase of 44 percent over the corresponding period last year

and PAT stood at Rs 321 crore, representing a increase of 42 percent.

Along with its rival Infosys, the software and services divi-sion of the

company, Wipro Technologies clocked $ 1 billion in revenue for the year. Azim

Premji, Chairman, Wipro commenting on the results said, "Our combined IT

pr-oducts and services business achieved a significant land-mark by recording

Revenue of $1.2 billion. Revenue from our IT Services businesses alone was $ one

billion. During the year, we made significant pro-gress towards our goal of

being the preferred provider of com-prehensive solutions for our customers; our

focus on Inno-vation was a key enabler for this. Focused strategy coupled with

improved execution facili-tated by our quality initiative, resulted in value for

our custo-mers, the benefits of which are beginning to reflect in our results.

We will pursue this path relentlessly."

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For the Q1 of fiscal 2005, Premji said, "Looking ahead, for the quarter

ending June 2004, we expect our revenue from our Global IT services business to

be approximately $ 292 million."

Wipro Technologies posted a revenue of Rs 4,358 crore for the fiscal year

2004, represen-ting a 43 percent growth over last year, while its profit before

tax stood at Rs 954 cr-ore, a increase of 13 percent an year ago.

Vivek Paul, Vice Chairman, Wipro, said "Record volume growth coupled

with an imp-roving pricing environment led to the third consecutive quarter of

double-digit dollar revenue growth resulting in a 51 per-cent revenue growth for

the year."

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