Wipro profits fall

Thursday, 17 April 2003, 07:00 Hrs
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BANGALORE: Wipro Ltd., one of India's leading software development and services majors, Thursday said its January-March profit fell five percent over the same period last year due to increased pricing pressure and losses from an acquired division.

The company's net profit for the fourth quarter that ended in March 2003 was 2.2 billion, a decline of five percent year on year, said a Wipro statement issued here.

Revenue for the quarter recorded an increase of 33 percent to touch 12.4 billion compared to the corresponding period last year.

The revenue of its global IT services flagship, Wipro Technologies, increased 36 percent year on year to 7.9 billion as volumes increased but offshore pricing decreased 2.3 percent over the previous quarter ending December 31, 2002.

"For the quarter, profit before interest and tax (PBIT) to revenue in Wipro Technologies was lower at 25 percent. Wipro Technologies results for the quarter includes revenue of 228 million and loss of 73 million in our energy and utilities consulting division acquired from AMS Inc.

Source: IANS
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