Wipro sees revenues of $1 b.

NEW DELHI: Wipro Ltd., expects its revenues to grow to nearly $1 billion this

year and has targeted them to reach $5.0 billion in three years, its chairman

said on Thursday. Wipro last week reported revenues of Rs 30.92 billion ($660

million) in 2000/01 (April-March), up 34.9 per cent from last year. Its net

profits grew 169 per cent to Rs 6.68 billion.

"We should be near about one billion dollars this year and about five

times that in three years," Azim Premji, Wipro's chairman, said during a

lecture. "It (the $5.0 billion) is a slightly audacious target," he

added.

He said the company was looking at acquisitions to help growth and expand its

global presence. The typical profile of a company to be acquired would be sales

of over $50 million, a strong brand and customer base, English-speaking and

making business software.

Premji said the Americas, mainly the United States, would contribute about 59

per cent of revenues in the first quarter this year, down from 64 per cent in

the full previous financial year. Europe will account for 32 per cent and the

Asia-Pacific region the rest. Europe had a 29 per cent share of Wipro's 2000/01

revenues and the Asia-Pacific region six- per cent.

"That is not because we are not growing the Americas but because Europe

and Asia-Pacific will grow faster," he added. Wipro, India's largest listed

software exporter, said last week it was trying to increase the share of Europe

and the Asia-Pacific region in its revenues after concerns over the future of

the US market following an economic slowdown in that country.

The United States has been the main destination of India's software exports.

Wipro's shares closed at Rs 1,425.65, down 2.8 per cent, on Thursday on the

Bombay exchange while the benchmark index closed 1.21 per cent lower at

3,557.19.

(C) Reuters Limited 2001.