IT major Wipro on Friday said it has crossed a combined annualised run rate of $1 billion in its IT business.

"During the quarter, our combined IT products and services business showed strong growth, achieving a significant landmark by crossing the annualised revenue rate of $1 billion," Wipro Corporate executive vice president (finance), Suresh Senapathy, said in a statement.

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"On the profitability front, we were able to contain the losses of Wipro NeveWire within projected levels, and saw improvements in virtually all operating parameters, including realisations, helping us maintain operating margins at the same levels as in the prior quarter, despite a significant appreciation in the rupee exchange rate," Senapathy said.

Consolidated revenues of Wipro during the first six months in 2003-04 stood at Rs 2,574 crore (Rs 25.74 billion) and net profit was Rs 436 crore (Rs 4.03 billion).

The Wipro group had reported a revenue of Rs 4,338.3 crore (Rs 43.383 billion) during 2002-03 and a net profit of Rs 820.5 crore (Rs 8.205 billion).

Increasing its guidance, Wipro Chairman Azim Premji said: "Looking ahead, for the quarter ending December 2003, we expect revenue from our global IT services business to be approximately $241 million."

Wipro, during the second quarter, beat its guidance of $210 million to achieve a revenue of $222 million.