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.