Saturday, April 17

The One Billion Indian Club

After Infosys & TCS, Wipro has joined the one billion dollar club:

Wipro Limited, India's third-largest software exporter, said Friday it crossed the $1-billion revenue mark during the fiscal year ended March 31, 2004 on increased outsourcing from overseas companies.

In the full fiscal year 2003-04, total revenues were Rs.58.43 billion ($1.3 billion), representing a 36 percent increase over the corresponding period in the last year.

The Bangalore-based company's net profit in the year ended March 31, 2004 rose to Rs.10.32 billion ($235 million), representing an increase of 26 percent over net income for the year 2002-03.

Wipro joins Tata Consultancy Services, India's largest software exporter, and Infosys Technologies, the second biggest firm, in the premier club of IT companies who have crossed the $1 billion revenue mark.

The better-than-expected financial numbers for the fiscal year 2003-04 and January-March quarterly period unveiled by Wipro, promoted by India's richest man Azim Premji, boosted the share market sentiment.

Shares of Wipro, which is also listed on the New York Stock Exchange, ended 1.7 percent higher at Rs.1,624.50 while the stock market benchmark 30-share Bombay Stock Exchange sensitive index closed marginally high.

Related Links :

Vivek Paul amongst the best managers of 2003: BusinessWeek