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Wipro rides BPO wave

Wipro Ltd announced an increase in annual net profit of 27 per cent as its IT revenues crossed the $2 billion mark during fiscal 2005-06.

india Updated: Apr 20, 2006 16:27 IST

Wipro Ltd on Wednesday announced an increase in annual net profit of 27 per cent as its IT revenues crossed the $2 billion mark during fiscal 2005-06.

According to the company's financial statement for FY 2006, its global IT business revenue grew by 33 per cent to Rs 8,066 crore, while revenues from India, Middle East and Asia-Pacific shot up by 22 per cent to Rs 1,705 crore. “Combined revenues from our global and regional IT business grew by 55 per cent year-on-year to Rs 9,772 crore or $2.17 billion under the Indian GAAP,” a statement said.

In terms of consolidated revenues for the entire group, Wipro crossed the Rs 100-billion mark ($2.2 bil lion) posting Rs 10, 626 crore ($2.39 billion) by the end of March 31, 2006, registering a year-on-year growth of 30 per cent.

The profit after tax for the fis cal grew by 27 per cent to Rs 2,067 crores ($456 million) from Rs 1,628 crore in 2004-05.

For the fourth quarter (Janu ary-March) of 2005-06, the compa ny's net profit, however, spiralled by 43 per cent to Rs 618 crore from Rs 433 crore a year ago.

The consolidated revenues for the fourth quarter increased by 35 per cent to Rs 3,113 crore from Rs 2,312 crore over the same period last fiscal.

The company's flagship division global IT services and products achieved a revenue of $519 million (Rs 2,317 crore). The board has recommended a cash dividend of Rs 5 on par value of Rs 2 per share.

First Published: Apr 20, 2006 16:27 IST