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Wipro Reports Q2 Profit

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10/19/2005
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BANGALORE, India and MOUNTAIN VIEW, Calif. -- Wipro Limited (NYSE:WIT) today announced financial results under US GAAP for its second fiscal quarter ended September 30, 2005.

Highlights:

Results for the quarter ended September 30, 2005

  • Net Income grew by 23% over the corresponding period in the previous year to Rs. 4.7 billion ($107.1 million)
  • Revenue increased by 26% over the corresponding period in the previous year to Rs. 25.0 billion ($ 568.2 million)
  • Global IT Services & Products segment Revenue was Rs. 18.9 billion ($430.6 million ), representing an increase of 27% over the corresponding period in the previous year contributed primarily by volume growth
  • Global IT Services & Products Earnings before Interest and Tax (EBIT) was Rs. 4.5 billion ($102.4 million)
  • Global IT Services & Products added 39 new clients in the quarter, including 2 new clients in BPO services
  • The India, Middle East and Asia Pac Business Unit recorded 43% growth in EBIT over the corresponding period in the previous year; and Revenue grew by 26%

    Outlook for the Quarter ending December 31, 2005

    Azim Premji, Chairman of Wipro Limited commenting on the results said “The quarter once again demonstrated the depth of our management and robustness of our processes as we smoothly managed organizational transitions to deliver a solid quarter. The Global IT business sustained its momentum, recording double digit volume growth sequentially, resulting in Revenues for the quarter being $430.7 million against our guidance of $422 million. Our continued success in delivering broad based results positions us well to lead industry growth. Looking ahead, for the quarter ending December 2005, we expect Revenues from our Global IT services business to be approximately $463 million.”

    Suresh Senapaty, Chief Financial Officer, said “We saw robust sequential Revenue growth in all our business units, with our Finance Solutions and Technology Business delivering sequential double digit growth. Our differentiated services – Technology Infrastructure Services and Testing Services – posted double digit sequential growth as well. On the profitability front, we were able to expand our Operating Margins despite a gross addition of over 5,600 people in our IT Services team and lower price realizations. In line with our expectations, our BPO business delivered improved profitability for the quarter."

    Wipro Ltd.

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