Wipro Ltd has announced the following Outlook for the Quarter ending June 30, 2008:
Azim Premji, Chairman of Wipro, commenting on the results said 2007-08 was an eventful year for Wipro. Revenues for the combined IT business achieved $4.3 billion. For the quarter, we recorded Revenues of $959.9 million which was ahead of our guidance of $955 million. During the year, we made our largest ever acquisition that further strengthened our position as the leader in Technology Infrastructure Services (TIS). We also made a large acquisition in the Consumer Care business. With industry leading organic growth rates and the acquisition, Consumer care business has reached a Revenue run rate in excess of $100 million per quarter. We won several large, integrated and transformational deals both in Global IT as well as in India, Middle East and Asia Pac geographies. We continue to invest in our Sales footprint, 360 degree engagement model, MEGA/GAMA account strategy and Large Programs team. During FY08, we saw robust growth in all our key Verticals and differentiated Service lines. Both the Global IT and India, Middle East and Asia Pac businesses leveraged on each other in delivering transformational solutions to our customers. India, Middle East and Asia Pac IT business grew its Services business substantially and now accounts for 33% of its business. We believe it is now appropriate to present our IT business on a combined basis. We will report the combined business going forward split into IT Services and IT products.
The global economic outlook has changed significantly since the beginning of this calendar year. It poses challenges and at the same time, opens up newer opportunities. Given the uncertainty in the environment, we remain cautious but resilient. For the quarter ending June 2008, we expect our Combined IT Services Revenue to be approximately $1,060 million. Corresponding base number for Q4 08 and Q1 07 for the Combined IT Services business was $1,031.5 million and $ 779.1 million respectively.
Suresh Senapaty, Chief Financial Officer of Wipro, said During the Quarter ended March 08, Energy & Utilities, Financial Services and Retail grew ahead of Company average. Our differentiated Service lines of TIS, Testing and BPO continue to power our growth. Our investments in Europe have yielded good results with superior growth rates. We are seeing good traction in our Infocrossing business which is reflected in the top line as well as bottom line growth. We gave salary hikes to our Onsite employees which had an impact of 100 basis points on our margins. We improved Utilization, margin expansion in acquisitions and other operating parameters, which significantly offset the adverse impact of Onsite salary increase.
Azim Premji, Chairman of Wipro, commenting on the results said 2007-08 was an eventful year for Wipro. Revenues for the combined IT business achieved $4.3 billion. For the quarter, we recorded Revenues of $959.9 million which was ahead of our guidance of $955 million. During the year, we made our largest ever acquisition that further strengthened our position as the leader in Technology Infrastructure Services (TIS). We also made a large acquisition in the Consumer Care business. With industry leading organic growth rates and the acquisition, Consumer care business has reached a Revenue run rate in excess of $100 million per quarter. We won several large, integrated and transformational deals both in Global IT as well as in India, Middle East and Asia Pac geographies. We continue to invest in our Sales footprint, 360 degree engagement model, MEGA/GAMA account strategy and Large Programs team. During FY08, we saw robust growth in all our key Verticals and differentiated Service lines. Both the Global IT and India, Middle East and Asia Pac businesses leveraged on each other in delivering transformational solutions to our customers. India, Middle East and Asia Pac IT business grew its Services business substantially and now accounts for 33% of its business. We believe it is now appropriate to present our IT business on a combined basis. We will report the combined business going forward split into IT Services and IT products.
The global economic outlook has changed significantly since the beginning of this calendar year. It poses challenges and at the same time, opens up newer opportunities. Given the uncertainty in the environment, we remain cautious but resilient. For the quarter ending June 2008, we expect our Combined IT Services Revenue to be approximately $1,060 million. Corresponding base number for Q4 08 and Q1 07 for the Combined IT Services business was $1,031.5 million and $ 779.1 million respectively.
Suresh Senapaty, Chief Financial Officer of Wipro, said During the Quarter ended March 08, Energy & Utilities, Financial Services and Retail grew ahead of Company average. Our differentiated Service lines of TIS, Testing and BPO continue to power our growth. Our investments in Europe have yielded good results with superior growth rates. We are seeing good traction in our Infocrossing business which is reflected in the top line as well as bottom line growth. We gave salary hikes to our Onsite employees which had an impact of 100 basis points on our margins. We improved Utilization, margin expansion in acquisitions and other operating parameters, which significantly offset the adverse impact of Onsite salary increase.
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