Wipro surpasses USD 2 billion Dollar revenue

Bangalore, Apr 19 (UNI) Surpassing the Rs 100 billion mark (over two billion US Dollars) in terms of revenue with a 30 per cent growth in the fiscal ending March 31, 2006, Wipro Limited today announced a Profit after Tax of Rs 2,067 crore, up by 27 per cent from the previous year.

Announcing the results after a Board meeting, Wipro Chairman Azim Premji said that ''with all Wipro businesses delivering industry leading growth rates, we were able to post record revenue and profit growth.'' The IT services industry was evolving from an era of routine service provisioning to one of Innovative knowledge creation, he added.

He said ''clearly Wipro's businesses are all in the sweet spot of strong growth. We have the game plan to leverage the opportunities and realise our growth potential.'' Stating that the company had identified and rolled out initiatives in the strategic and operational plans to deliver value to customers, he said ''we are confident that this will be a significant differentiator for us that will enable us to continue to lead industry growth''.

Mr Premji said the company would continue its aggressive plans and investment, both organically and inorganically, to build the next set of growth engines that would help Wipro deliver sustainable and profitable growth in future also.

In the fourth quarter, Wipro Limited's Profit After Tax grew by 43 per cent year on year to Rs 6.18 billion and revenue increased by 35 per cent YoY to Rs 31.13 billion. Global IT Services and Products accounted for Rs 23.17 billion, a 41 per cent increase YoY. The operating margin was 25.1 per cent, an expansion of approximately 30 basis points over the quarter, ended December 31, 2005. Wipro's India, Middle East and Asia Pacific business recorded 36 per cent growth in PBIT YoY and the revenue grew 18 per cent.

Wipro Senior Vice-President and Chief Financial Officer Suresh Senapathy said the company's capital expenditure for the current fiscal would be significantly higher than Rs 500 crore incurred last year.

The Board of Directors have recommended a cash dividend of Rs five per share/ADS, subject to shareholder approval in the Annual General Meeting scheduled in July 2006.

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