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Rediff.com  » Business » Wipro's net income grows 42% in FY06-07

Wipro's net income grows 42% in FY06-07

Last updated on: April 20, 2007 15:06 IST

Wipro Limited on Friday announced its results approved by the Board of Directors for the quarter and year ended March 31, 2007.

Highlights

  • Results for the year ended March 31, 2007
  • Wipro Limited Revenue increased by 41% to Rs. 150 billion (Rs. 15,000 Crores)
  • Profit After Tax grew by 42% to Rs. 29.42 billion (Rs. 2,942 Crores)
  • Revenues of our combined IT Businesses crossed landmark of $3 billion in annual Revenue
  • Revenue of Wipro's Global IT Business crossed Rs. 100 billion mark and grew 38% to Rs. 110.95 billion (Rs. 11,095 Crores); Profit Before Interest & Tax (PBIT) grew by 36% to Rs. 26.94 billion (Rs. 2,694 Crores)
  • Enterprise Solutions Business in Global IT Services segment crossed landmark of $1 billion of annual Revenue and Finance Solutions Business crossed $500 million of annual Revenue
  • Revenue from our India, Middle East and Asia Pacific business crossed $500 million and grew by 46% to Rs. 24.84 billion (Rs. 2,484 Crores); PBIT grew by 47% to Rs. 2.14 billion (Rs. 214 Crores)
  • Board of Directors recommend a final cash dividend of Rs. 1 per share/ADS, subject to shareholder approval in the Annual General Meeting scheduled in July 2007. This, coupled with interim dividend of Rs. 5 per share, will take total dividend to 300% at Rs. 6 per share Results for the Quarter ended March 31, 2007
  • Wipro Limited's Sales & Other Income during the quarter crossed the milestone of $1 billion
  • Wipro Limited Revenue increased by 39% year on year (yoy) to Rs. 43.33 billion (Rs. 4,333 Crores); PAT grew by 39% yoy to Rs. 8.56 billion (Rs. 856 Crores)
  • Global IT Services & Products Revenue was Rs. 30.48 billion (Rs. 3,048 Crores) reflecting an increase of 32% yoy; PBIT was Rs. 7.32 billion (Rs. 732 Crores) reflecting a growth of 26%
  • Global IT Services & Products added 44 new clients in the quarter
  • Wipro's India, Middle East & Asia Pac business records 38% yoy growth in Revenues to Rs. 7.84 billion (Rs. 784 Crores); PBIT grew 29% to Rs. 0.73 billion (Rs. 73 Crores)

Performance for the Year ended March 31, 2007 and Outlook for the Quarter ending June 30, 2007

Azim Premji, Chairman of Wipro, commenting on the results said "All our business segments contributed to the strong growth in Revenues and Profits during FY2006-07. During the year, we completed strategic acquisitions, expanded local sales foot-print, built deeper domain skills and sharpened our account management focus.

"We enhanced our Global Delivery capabilities through centres in Romania, Brazil and Portugal. Encouraged by our early success, we launched more projects under the Quantum Innovation Umbrella that are focused on creating non-linear growth opportunities, superior delivery structures and new business opportunities. Our Indian IT Services & Products Business, our Consumer Care & Lighting Business and our Infrastructure Engineering Business also delivered industry leading growth rates.

"Given the exciting prospects in all our business segments, we look forward to 2007-08 and beyond with excitement. Looking ahead, for the quarter ending June 2007, we expect our Revenue from our Global IT services business to be approximately $711 million."

Financial results under US GAAP for its fourth fiscal quarter and year ended March 31, 2007.

Highlights

Results for the year ended March 31, 2007

  • Total Revenue was Rs. 149.43 billion ($3.47 billion1), representing an increase of 41% over the same period last year.
  • Net Income was Rs. 29.17 billion ($677 million1), representing an increase of 44% over the same period last year.
  • Global IT Services and Products Revenue crossed Rs. 100 billion mark and was Rs.110.74 billion ($2.57 billion1), representing an increase of 38% over the same period last year.
  • Enterprise Solutions Business in Global IT Services segment crossed landmark of $1 billion of annual Revenue and Finance Solutions Business crossed $500 million of annual Revenue
  • Global IT Services and Products Earnings Before Interest and Tax (EBIT) was Rs. 26.53 billion ($615 million1), representing an increase of 37% over the same period last year
  • Global IT Services and Products added 197 new clients during the year
  • Revenue from our India, Middle East and Asia Pacific business crossed $500 million
  •  Board of Directors recommend a final cash dividend of Rs. 1 ($0.021) per share/ADS, subject to shareholder approval in the Annual General Meeting scheduled in July 2007. This, coupled with interim dividend of Rs. 5 ($0.121) per share, will take total dividend to Rs. 6 ($0.141) per share

Results for the quarter ended March 31, 2007

  •  Total Revenue was Rs. 43.34 billion ($1 billion1), representing an increase of 42% over the same period last year.
  •  Net Income was Rs. 8.61 billion ($200 million1), representing an increase of 44% over the same period last year.
  •  Global IT Services and Products Revenue was Rs. 30.42 billion ($706 million1), representing an increase of 32% over the same period last year.
  •  Global IT Services and Products Earnings Before Interest and Tax (EBIT) was Rs. 7.13 billion ($165 million1), representing an increase of 26% over the same period last year
  •  Global IT Services and Products added 44 new clients during the quarter.

 Azim Premji announces the annual financial results of Wipro in Bangalore. 

Photograph: Dibyangshu Sarkar/AFP/Getty Images