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Wipro says Spectramind on track to meet Q3 target
December 14, 2002 16:49 IST
Wipro Ltd, India's third-largest software exporter, said on Friday its back office services firm, Spectramind, was on track to meet its revenue target of $12.5 million for the quarter ending December.Bangalore-based Wipro conducts its back-office operations through Spectramind, which is 92 percent owned by the company.
"We are sticking to the guidance we gave in the last quarter for this (third) quarter," Azim Premji, Wipro's chairman, told reporters at the launch of construction for the company's software development center in Calcutta.
Earlier this year, Wipro had forecast revenue of $12.5 million from Spectramind for the third quarter and $45 million for the financial year ending March 2003.
Spectramind, which offers payroll and bill processing services to corporate clients, had more than 2,700 employees and seven customers before it was taken over by Wipro in July. During the second quarter, Spectramind added four new clients.
Premji said the company continued to hire people for its growing outsourcing business.
Asked whether Wipro planned to convert its equity shares to American Depositary Shares on the New York Stock Exchange, Premji said: "We have no plans."
Earlier this week, Infosys announced its decision to convert between two to three million equity shares into ADS on the Nasdaq.
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