« Decentralized energy sources can boost efficiency | Main | End of Indian Broadcast Television Monopoly »
July 23, 2005
India's WIPRO sees increased profits
BANGALORE, India -- India's third-largest software exporter Wipro Ltd. said Friday its net profit jumped 31% in the April-June quarter mainly because of outsourcing by Western corporations.
Net profit rose to $98.1 million from $74.8 million a year earlier.
Revenues grew 29% to $525.5 million, of which outsourcing from the West accounted for $397.3 million, company results under the U.S. Generally Accepted Accounting Principles showed. Revenue totaled $406.7 million a year earlier.
"(The) information technology services component of our business witnessed strong volume growth and improved price realizations during the quarter," Chairman Azim Premji said in a statement from Wipro headquarters in the southern Indian city of Bangalore.
He said Western outsourcing was expected to contribute $422 million in revenues in the July-September quarter.
Wipro hired 2,097 software professionals during the latest quarter, taking the staff strength to 41,911. It also received 29 new clients.
Posted by admin at July 23, 2005 07:39 AM