A billion dollar show

20 April 2007

Technology major Wipro has posted a stellar set of numbers this quarter, way above street expectations. In fact, it has been the best set of quarterly numbers compared to the IT biggies. All business segments have contributed to the strong growth in revenues and profits for the company during the current financial year.

Revenues of their combined IT businesses crossed the landmark of $3 billion in annual revenue. Wipro's Global IT business crossed the Rs100-billion mark and grew 38 per cent to Rs110.95 billion (Rs11,095 crores). The enterprise solutions business in global IT services segment crossed $1 billion of annual revenue and finance solutions business crossed $500 million.

With enterprise solutions crossing $1 billion, Sudip Banerjee, president, enterprise solutions, Wipro gives the road ahead for the business. He mentions, "We have had three solid performing verticals in enterprise throughout the year. We had huge growth in retail; we had huge growth in energy and utilities and very significant improvement in the manufacturing business. As we go into the next quarter, apart from these, the health care business has also formed a very small base growing very fast."

Wipro expects all the verticals, which has been drivers for growth in the past, to continue to perform in the next quarter. He adds, "Healthcare will continue to be there next quarter and manufacturing and retail will also fire. So we are hoping that all the verticals will continue their growth and we will see a very solid, all round growth in enterprise solutions in 2007-2008."

Wipro's CFO, Suresh Senapaty is extremely optimistic of the outlook in FY08. "The most important thing we are happy about is that, for the first time, we have achieved a $3 billion revenue for our IT business as a whole and also so far as enterprise solution is concerned, it crossed $1 billion. We had Wipro BFSI cross $0.5 billion and Wipro Infotech again crossed $0.5 billion and the Q4 revenue for Wipro as a whole has touched $1 billion of revenue," he says.