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Wipro revenues cross Rs 25,000 cr for 08-09

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CIOL Bureau
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BANGALORE, INDIA: Wipro Limited today posted a growth of 15 per cent in its net profits for the fourth quarter ended March 31,2009. The company recorded Rs 1010 crore profits, which is higher by Rs 130.2 crore posted during the same period in 2007-08.

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Total revenues for the same period is at Rs 6451.80 crore, a growth of 13 per cent over the corresponding period in the previous year.

For the year 2008-09, Wipro Ltd's total is at Rs 25,544 crore, which is a growth of 28 per cent compared to Rs 19,957 crore posted during the previous fiscal.

For the financial year 2008-09, Wipro posted net profits of Rs 3899.90 crore, a growth of 19 per cent over Rs 3282.90 crore recorded during the previous fiscal.

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Board of Directors recommends a final cash dividend of Rs. 4 per share/ADS, subject to shareholder approval in the Annual General Meeting scheduled in July 2009.

Speaking on the performance, Azim Premji, chairman of Wipro, said, "2008-09 has been a landmark year for us. We did a major re-organization of our IT business at the beginning of the financial year.”

He said it has been a year of solid execution in a subdued environment resulting in industry leading growth.

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“We have had good deal wins and generated robust pipeline. Revenues for the IT Services for the full year were $4.3 billion, a YoY growth of 18.5 per cent on reported basis and 22.3 per cent on constant currency," added Premji.

"During the year, we focused our energies on executing meticulously. We re-architected the operating structures of all our businesses and adapted ourselves to the changing needs of environment."

Giving guidance for the next quarter, Premji said, "We are confident that with our broad portfolio of services, our ability to execute and deliver value to the customer, coupled with increased focus on productivity, makes us well-positioned to emerge stronger than before. Looking ahead, for the quarter ending June 30, 2009, we expect Revenues from our IT Services business to be in the range of $1,009 to $1,025 million.”

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With this, the company is expecting a dip of around 2 per cent in its services revenues.

Suresh Senapaty, chief financial officer of Wipro, said, “The striking facet of our performance for quarter ended March 2009 was that we delivered on all operating parameters. We expanded our margins despite the headwinds of reduction in volumes and lower tailwind of Forex gains.”

For the year ended March 31, 2009, in rupee terms, revenue stood at Rs. 191.7 billion (Rs. 19,166 crore), a YoY growth of 31 per cent and PBIT at Rs. 40.3 billion, an increase of 29 per cent YoY. IT services business accounted for 75 per cent of the revenue and 92 per cent of the PBIT for the year ended March 31, 2009.

For the year ended March 31, 2009, IT products recorded revenues of Rs 34.6 billion, representing a growth of 31 per cent YoY. PBIT grew by 21 per cent YoY to Rs 1.5 billion. IT products business accounted for 14 per cent of the Revenue and 3 per cent of the PBIT for the year ended March 31, 2009. IT products business accounted for 13 per cent of the revenue and 3 per cent of the PBIT for the quarter ended March 31, 2009.

The company had 97,810 employees as of March 31, 2009, which includes 74,986 employees in IT business unit and 22, 824 employees in BPO business.

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