Wipro net up by 32%, declares 50% dividend

BANGALORE: Wipro Ltd. has posted 12 per cent growth in its total revenue for the fiscal year 2001-02. Revenues touched Rs 3,492.6 crore. Wipro's net profit during the year grew by 32 per cent to Rs 885.4 crore. The company has declared a dividend of Re 1 per share of par value of Rs 2.

The companies global IT services and products wing, Wipro Technologies, grew by 28 per cent in revenues to Rs 2,290.9 crore. Wipro Infotech, which manages the Indian and Asia Pacific IT services and products, saw a 14 per cent decline in revenues to Rs 736.8 crore. Revenues for the company were almost equally divided among India, USA and the rest of the world.

During the quarter ended March 31, 2002, Wipro had no growth in revenue, which stood at Rs 940.6 crore. During the period, Wipro Technologies grew by 14 per cent to Rs 588.4 crore, while Wipro Infotech saw a 16 per cent drop in revenues to Rs 236 crore. Net profit of the company during the quarter increased by 7 per cent to Rs 231.2 crore.

In a statement, Wipro Chairman Azim Premji said that the global IT business during the quarter ending June 30, 2002 was expected to be around $123 million, which is only marginally higher than Rs 588.4 crore posted by Wipro Technologies in the previous quarter.

Wipro vice chairman and CEO of Wipro Technologies Vivek Paul said that tight cost management and volume initiatives that include the system integration practice, "have more than offset the declines due to a planned ramp down of our largest account and challenges from the troubles in the telecom equipment sector." "These efforts drove a 28 per cent increase in revenue with the second half showing strength in our enterprise business and even accelerating growth in the embedded systems unit," he added.

Six Sigma initiatives in Wipro Technologies saved the company Rs 92 crore, claimed a release. During the year, Wipro Infotech saw its market share in PC server increasing marginally from 6 per cent to 6.4 per cent.

The scrip was being pulled down on the stock markets early this morning. Against its close on Thursday at Rs 1,823.50, it was being traded 5.24 per cent lower at Rs 1,728 when reports last came in.