The Hindu : Modest rise in Wipro's Q3 PAT

Online edition of India's National Newspaper
Saturday, Jan 18, 2003

Business

Business

Modest rise in Wipro's Q3 PAT

CHENNAI JAN. 17. Wipro has reported a 27 per cent increase in revenues to Rs. 1,100 crores in the third quarter ended December 31, 2002 while the profit after taxation has increased by 3 per cent over the same period last year to Rs.230 crores.

While Wipro Technologies accounted for 67 per cent of the revenue at Rs. 745 crores in the third quarter, Wipro Spectramind contributed Rs. 56.40 crores (25 per cent) to the total revenue. Wipro Consumer Care and Lighting business recorded revenue of Rs. 74.50 crores with the profit before interest and taxation of Rs. 9 crores contributing 7 per cent of total revenue during the quarter under reference.

The consolidated revenue from continuing operations for the nine month period was Rs. 3,100 crores while the profit after tax was Rs. 640 crores.

Commenting on the results, Azim Premji, chairman of Wipro has stated in a release that "We see sustained volume growth with prices stabilising in IT services and growing volumes and with intense price competition in the IT enabled services." The 10 per cent sequential revenue growth in global IT services business was the result of an 8 per cent volume growth and a 2 per cent increase in price realisations. In the IT enabled services segment, intense price competition resulted in revenues of $11.6 million for the quarter ended December 31, 2002 against the estimate of $12.5 million. Mr. Premji has stated the fourth quarter revenue in global IT services business would be $162 million.

According to Vivek Paul, vice chairman and CEO of Wipro Technologies the enterprise solutions practice contributed 62 per cent of revenue while the R&D services practice contributed the balance 38 per cent, in the quarter under reference.

Wipro had completed the acquisition of the remaining outstanding shares of Wipro Spectramind Services and closed the acquisition of the Global Energy practice of AMS, Inc. The financial results from this practice will be consolidated beginning with the results for the quarter ending March 31, 2003.

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