India's Largest Outsourcer Reports 58% Growth
India's largest IT, BPO and teleservices outsourcer, Wipro Limited, today released its fourth quarter fiscal results (ending March 31st) to fanfare: the company reports a 58% growth in net income for its year end. Net income was totaled at $363 million (Rs. 15.83 billion). Revenue was $1.87 billion (Rs. 81.35 billion), which translates to a 39% growth rate over last year. The company's Global IT Services & Products Revenue was $1.39 billion (Rs. 60.71 billion), which is a 40% increase from the previous year.
Company Chairman Azim Premji said, "Wipro recorded yet another year of very good performance. The results of Wipro Limited once again reflect the passion of 'Wiproites' for facing challenges and triumphing over them. During the year, our Global IT business posted healthy growth in revenues, expanded operating margins and virtually improved all operating parameters. Coupled with robust performance by other businesses as well, we reported a strong growth in our net income. Considering the emerging opportunities in the global market an our unique business model, the future outlook looks as exciting as [the] journey has been so far. Looking ahead, for the quarter ending June 2005, we expect our revenue from Global IT services business to be approximately $395 million."
The company attributes its strong growth to a jump in its number of customers and a bounce back in growth rates from some of its formerly more sluggish divisions (embedded systems and product engineering). Additionally, favorable currency exchange rates contributed to growth, as did improvements in operational processes.
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