Wipro Records 32% Growth in Total Revenue

Results for the quarter and year ended March 31, 2008 under US GAAP

Wipro Limited (NYSE:WIT) today announced financial results under US GAAP for its fourth fiscal quarter and year ended March 31, 2008.

Highlights

Results for the year ended March 31, 2008
Total Revenue was Rs. 197.43 billion ($4.93 billion1), representing an increase of 32% over the same period last year.
Net Income was Rs. 32.24 billion ($806 million1), representing an increase of 11% over the same period last year.
Global IT Services and Products Revenue was Rs.136.28 billion ($3.41 billion1), representing an increase of 23% over the same period last year.
Our Technology business in Global IT Services segment crossed a landmark of $1 billion of annual Revenue and our business from the Americas and Europe crossed $2 billion and $1 billion respectively.
Global IT Services and Products Earnings Before Interest and Tax (EBIT) was Rs. 28.62 billion ($715 million1), representing an increase of 8% over the same period last year.
Global IT Services and Products added 166 new clients during the year.
Revenue from each of our India, Middle East and Asia Pacific businesses grew by 45% to Rs. 34.60 billion ($865 million1); EBIT grew by 34% to Rs. 2.74 billion ($68 million1)
Wipro Consumer Care and Lighting business Revenue grew 93% YoY and EBIT grew 72% YoY.
Fresh Restricted Stock Award granted for employees effective 1st April as part of long-term talent retention strategy.
Board of Directors recommends a final cash dividend of Rs. 4 per share/ADS ($0.1 per share/ADS1), subject to shareholder approval in the Annual General Meeting scheduled in July 2008. This, coupled with an interim dividend of Rs. 2 per share ($0.05 per share/ADS1), will take total dividend to 300% at Rs. 6 per share ($0.15 per share/ADS1).

Results for the quarter ended March 31, 2008
Total Revenue was Rs. 55.96 billion ($1.4 billion1), representing an increase of 29% over the same period last year.
Net Income was Rs. 8.75 billion ($219 million1), representing an increase of 2% over the same period last year.
Global IT Services and Products Revenue was Rs. 38.27 billion ($956 million1), representing an increase of 26% over the same period last year.
Global IT Services and Products Earnings Before Interest and Tax (EBIT) was Rs. 7.78 billion ($194 million1), representing an increase of 9% over the same period last year.
Global IT Services and Products business added 29 new clients during the quarter.
During the quarter, Wipro IT Business won 3 multi-year multi-million dollar deals.
Wipro was cited by Forrester as “A Leader in Oracle Implementation Services”.
Our India, Middle East & Asia Pac business recorded 29% YoY growth in Revenues to Rs. 10.00 billion ($250 million1); EBIT grew 23% to Rs. 0.90 billion ($22 million1).
Wipro Consumer Care and Lighting business Revenue grew 128% YoY and PBIT grew 87% YoY.