Indian outsourcing firm reports 41% year-on-year increase in revenues and 48% increase in profits

October 18, 2006

1 Min Read

BANGALORE, India -- Wipro Limited(NYSE:WIT) today announced financial results under US GAAP for its second fiscal quarter endedSeptember 30, 2006.

Highlights for the Results:

  • Total Revenue was Rs. 35.14 billion ($765 million1), representing an increase of 41% over thesame period last year.

  • Net Income was Rs. 6.96 billion ($152 million1), representing an increase of 48% over thesame period last year.

  • Global IT Services and Products Revenue was at Rs.27.17 billion ($591 million1), representingan increase of 44% over the same period last year.

  • Global IT Services and Products Earnings Before Interest and Tax (EBIT) was at Rs. 6.65billion ($145 million1), representing an increase of 48% over the same period last year.

  • Global IT Services and Products added 54 new clients during the quarter.



Outlook for our Quarter ending December 31, 2006

Azim Premji, Chairman of Wipro, commenting on the results said “We believe that the focus we haveon strategy and execution has continued to deliver robust results for the company. Our IT Services& Products business witnessed strong volume growth and operational improvements during ourquarter ended September 30, 2006. Our differentiated Services - Technology Infrastructure Services,Testing Services and Enterprise Application Services – have grown double digits sequentially. Inaddition, our Financial Solutions and Technology, Media, Transportation & Services (TMTS) Verticaldemonstrated excellent traction and delivered superior performance. Our Global IT Services &Products business added 54 new clients during our quarter ended September 30, 2006, 11 of whichwere Global 500 or Fortune 1000 clients. Further, our BPO Services business also posted a strongRevenue growth and Operating Margin improvement, reinforcing our confidence that it is moving inthe right direction of delivering industry-leading growth rates. Looking ahead, for the quarter endingDecember 31, 2006, we expect Revenue from our Global IT Services & Products business to beapproximately $ 633 million.”

Wipro Ltd.

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