Financial Daily from THE HINDU group of publications
Saturday, Oct 18, 2003
Financial Daily from THE HINDU group of publications Saturday, Oct 18, 2003 |
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Info-Tech
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Outlook Wipro confident of $1-b status this year Our Bureau
Bangalore , Oct. 17 WIPRO Ltd has joined Infosys Technologies in the race to be a billion-dollar IT company this fiscal. Last week, Infosys revised its guidance upwards and indicated that its revenues are expected to exceed $1 billion for the current fiscal. Mr Azim Premji, Chairman, Wipro, said that the company's combined IT business which showed strong growth during the second quarter had crossed the annualised revenue run rate of $1 billion. Wipro's global IT services business beat its own guidance of $210 million by about 5.7 per cent to clock revenues of $222 million during the second quarter. Wipro Infotech, the IT services and products business in India, West Asia and Asia Pacific of Wipro, recorded revenues of $46 million. The combined revenues from IT businesses during the second quarter stood at $268 million. "Translating IT revenues of $268 million on an annualised basis puts us into the billion-dollar league," Mr Suresh Senapathy, Corporate Executive Vice-President (Finance), Wipro Ltd, said. However, in the first quarter, Wipro's IT business clocked combined revenues of $227 million. While revenues from global IT services stood at $198.7 million, Wipro Infotech accounted for $28.6 million during the first quarter.For the third quarter ending December 2003, Wipro is projecting revenues of $241 billion from global IT services, a growth of about 8.5 per cent over the second quarter. Wipro's IT business had clocked revenues close to half-a-billion dollar in the first six months. Among Indian IT firms, Tata Consultancy Services (TCS) made it to the billion-dollar league last year when it clocked revenues of Rs 5,012 crore from domestic and export earnings.
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