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Wipro posts 43 % growth in profit in Q1
Friday, 18 July 2003, 19:30 IST
BANGALORE: Wipro Ltd Friday said its profits grew by 43 percent to 
2.06 billion in the April-June quarter compared to the corresponding period last year.
Revenue for the quarter recorded an increase of 29 percent year on year to touch 11.98 billion after the company saw "convergence" in the business models of the global IT services and products and IT enabled services segments.
Company chairman Azim Premji said in a statement: "The environment is one of volume growth coupled with an appreciating rupee. Looking ahead, for the quarter ending September 2003, we expect revenue from the global IT services and products segment to be approximately $210 million."
The revenues of its global IT services and products grew by 45 percent over the corresponding quarter last year to 9.13 billion. The operating margin to revenue was 22.2 percent, a decline of 8.7 percent on year and 2.3 sequentially.
The decline was primarily due to lower price realisation and higher selling, general and administrative costs, partially offset by increased utilisation of professionals.
"We continued our success in selling business process outsourcing (BPO) and energy and utilities consulting services to our existing clients. Our BPO business grew 19 percent over the previous quarter. Our enterprise business sustained its momentum with an 8.3 percent growth in revenues over the previous quarter," said Vivek Paul, vice chairman.
The company added 2,251 employees to its IT services and IT enabled services, taking the total to 21,080 employees. Its IT enabled services business, Wipro Spectramind, had a headcount of 6,462 employees at the end of June 2003.
Its AsiaPac business, represented by Wipro Infotech, recorded revenues of 1.6 billion as the services business grew by 25 percent year on year, contributing 37 percent of the total revenues this quarter.
Source: IANS
2.06 billion in the April-June quarter compared to the corresponding period last year.
Revenue for the quarter recorded an increase of 29 percent year on year to touch 11.98 billion after the company saw "convergence" in the business models of the global IT services and products and IT enabled services segments.
Company chairman Azim Premji said in a statement: "The environment is one of volume growth coupled with an appreciating rupee. Looking ahead, for the quarter ending September 2003, we expect revenue from the global IT services and products segment to be approximately $210 million."
The revenues of its global IT services and products grew by 45 percent over the corresponding quarter last year to 9.13 billion. The operating margin to revenue was 22.2 percent, a decline of 8.7 percent on year and 2.3 sequentially.
The decline was primarily due to lower price realisation and higher selling, general and administrative costs, partially offset by increased utilisation of professionals.
"We continued our success in selling business process outsourcing (BPO) and energy and utilities consulting services to our existing clients. Our BPO business grew 19 percent over the previous quarter. Our enterprise business sustained its momentum with an 8.3 percent growth in revenues over the previous quarter," said Vivek Paul, vice chairman.
The company added 2,251 employees to its IT services and IT enabled services, taking the total to 21,080 employees. Its IT enabled services business, Wipro Spectramind, had a headcount of 6,462 employees at the end of June 2003.
Its AsiaPac business, represented by Wipro Infotech, recorded revenues of 1.6 billion as the services business grew by 25 percent year on year, contributing 37 percent of the total revenues this quarter.
Source: IANS