Strong Outsourcing Sales Drive Wipro Earnings

Filed in archive Outsourcing News on April 24, 2005

Indian IT service provider Wipro Technologies reported strong financial results for its fourth quarter and fiscal year ended March 31.

For its fourth quarter, revenue increased 30% to $526 million, net income rose 37% to $103 million, and earnings per share grew 6% to 15 cents. For its fiscal year, revenues increased 39% to $1.87 billion, net income rose 58% to $363 million, and per share earnings grew 58% to 52 cents.

According to Wipro officials, their financial growth was boosted by increased outsourcing sales (increased 40% to $1.39 billion) to Western businesses. Also, they expect sales of the company's IT products and services to total about $395 million in the current quarter.

To date, India's four largest outsourcing companies -- Wipro, Infosys Technologies, Satyam Computer Services, and Tata Consultancy Services -- have reported average sales growth of 39.2% for the most recent fiscal year.