Full-year profits up 58% at Wipro
Wipro, the Indian outsourcing firm, has announced revenue of $378m for the quarter ending 31 March, up 31 per cent over last year. Net income for the quarter also gained substantially, hitting $102m, up from $74.3m a year ago.
The Bangalore-based company said full year revenue reached $1.87bn, a rise of 39 per cent on the year before, and net income rose by 58 per cent to $363m in the period.
Azim Premji, chairman of Wipro, commented: "Considering the emerging opportunities in the Global market and our unique business model, the future outlook looks as exciting as the journey has been so far."
The company said its outlook for the next quarter was positive, and that it expected revenue would rise five per cent from the March quarter to $395m in the quarter ending June 2005.
The company does face some challenges in the next few months, including managing its salary bill, a high staff turnover rate and dealing with a stronger-than-usual Rupee. ®