Wipro's combined IT businesses revenue surpass $2 billion

Bangalore, Apr 19 (UNI) Wipro Limited today announced that revenues from its combined IT business has crossed the two billion US Dollar landmark and its revenues increased by 30 per cent to Rs 106.26 billion, thus surpassing the Rs 100 billion mark, in the fiscal ending March 31, 2006.

Announcing its results, taken on record by the Board of Directors for the quarter and year ended March 31, 2006, the company said Profit After Tax grew by 27 per cent to Rs 20.7 billion in the last fiscal. While global IT business revenues grew 33 per cent, revenue from India, Middle East and Asia Pacific business grew 22 per cent.

Wipro Chairman Azim Premji said ''We look back at our performance in 2005-06 with immense satisfaction. It was a year in which we crossed several landmarks - including Rs 100 billion in total revenues, two billion Dollar mark in IT businesses revenues, Rs five billion of quarterly profits, five per cent revenue contribution from Innovation Initiatives and team size of 50,000. With all Wipro businesses delivering industry-leading growth rates, we were able to post record revenue and profit growth.'' He opined that the IT services industry was evolving from an era of routine service provisioning to one of Innovative Knowledge creation. ''The strategic initiatives we propose to undertake as part of our plan over the next few years position us well to lead this evolution. Looking ahead, for the quarter ending June 2006, we expect our revenue from our Global IT services business to be approximately 533 million Dollar.'' 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.

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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