Wipro Limited on Wednesday announced financial results under US GAAP for its third fiscal quarter ended December 31, 2006.

Highlights of the results:

• Total Revenue was $899 million (Rs. 39.64 billion), representing an increase of 43% over the same period last year.
• Net Income was $169 million (Rs. 7.45 billion), representing an increase of 40% over the same period last year.
• Global IT Services and Products Revenue was $650 million (Rs.28.67 billion), representing an increase of 35% over the same period last year.
• Global IT Services and Products Earnings Before Interest and Tax (EBIT) was $155 million (Rs. 6.83 billion), representing an increase of 32% over the same period last year
• Global IT Services and Products added 37 new clients during the quarter.

Outlook for the quarter ending March 31, 2007

Azim Premji, chairman of Wipro, commenting on the results for our quarter ended December 31, 2006 said, "We have had another satisfying quarter. Our global IT business delivered good volume growth primarily driven by robust performance of our energy and utilities vertical, technology infrastructure services and enterprise application services.

"Continuing their good momentum, our financial services and retail businesses delivered more than 50% YOY growth.

"Manufacturing vertical and Europe geography posted growth-rates ahead of the company average. On the operations front we brought down our attrition rates in both the IT and BPO businesses. We are among the first few organisations globally to be assessed at maturity level 5 on the new CMMi V 1.2 model, which was released in September 2006.

"Looking ahead, for the quarter ending March 2007, we expect revenue from our global IT services and products business to be approximately $685 million."