Wipro beats estimates, projects robust growth
Apr 20, 2007 - 12:39:10 PM
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'Increased billing rates and improved profitability in our acquisitions and BPO offset adverse impacts of onsite wage hikes and exchange rate movement on profitability,' he said.
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By IANS,
[RxPG] Bangalore, April 20 - Riding against a rising rupee, IT bellwether Wipro Ltd Friday reported a robust growth in the fourth quarter of fiscal 2006-07 and has projected revenue estimate of $711 million - from its global IT services business for the first quarter - of 2007-08.
Posting 39 percent net income at Rs.8.56 billion) and top-line of Rs.43.33 billion during the last quarter -, Wipro weathered a weakening dollar to register a whopping 42 percent year-on-year - growth in net profit at Rs.29.4 billion.
The company's YoY growth in aggregate revenue was and 41 percent at Rs.150 billion for the entire fiscal under the Indian Generally Accepted Accounting Principles -.
As against the estimates of $685 million - from its global IT business for the fourth quarter -, the company's flagship division posted $706 million - in revenues, registering YoY growth of 32 percent and a sequential growth of six percent.
'All our business segments contributed to the strong growth in revenues and profits during FY 2007 on account of strategic acquisitions, expanded local sales footprint and deeper domain skills. Our global delivery capabilities have been widened through centres in Romania, Brazil and Portugal,' Wipro chairman Azim H. Premji said in a statement.
'Given the exciting prospects in all our IT and non-IT business segments, we look forward to sustain the growth momentum in the new fiscal -. In view of the sustained sequential growth in the flagship IT business division last fiscal, we expect revenue from our global IT services and products to be about $711 million - in the first quarter - of this fiscal -,' he said.
For the first time, revenue from its global IT business crossed the $3-billion mark for the fiscal under review, with YoY growth of 41 percent to post $3.47 billion - under the US GAAP.
'Revenue from enterprise solutions business also crossed $1 billion and finance solutions business contributed another $500 million to the total global IT business during the fiscal -,' company's chief financial officer Suresh Senapaty told reporters at a news conference.
'We continue to see robust growth momentum in all our differentiated services such as BPO, enterprise application and technology infrastructure.
'Increased billing rates and improved profitability in our acquisitions and BPO offset adverse impacts of onsite wage hikes and exchange rate movement on profitability,' he said.
The global IT business division added 44 new clients during the quarter. Similarly, the headcount in IT business had gone by 14,076 people, taking the total number of such employees to 50,354 for the fiscal, constituting the majority of its total employees -.
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