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    Default Wipro net up marginally in 2011-12

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    Wipro, on Wednesday, announced revenues of Rs.37,525 crore in 2011-12, an increase of 21 per cent over the previous year. Earnings from IT services, which accounts for three-fourths of overall revenues, amounted to Rs.28,431 crores, also improved by 21 per cent.

    The company reported a net profit of Rs.5,573 crore, a rise of 5.2 per cent over 2010-11.

    Rupee-denominated revenue from IT services went up by 21 per cent to Rs.7,590 crore in the fourth quarter ending March 31, 2012. However, in dollar terms, sequential growth during the quarter was only 2 per cent.

    The company has declared a final dividend of Rs.4 per share, taking the total dividend for the year to Rs.6 per share.

    Wipro Chairman Azim Premji said although the overall economic environment ‘remains challenging,' the company saw opportunities for growth in clients' emphasis on increasing productivity and reducing costs.

    Observing that the company had delivered revenues within its earlier guidance range, T. K. Kurien, CEO, said although the company's order “pipeline remains robust, (deal) closures are taking time to bear fruit.” Wipro stood to benefit from “technology disruptions” arising in a situation where “offshoring has become mainstream.” He pointed out that the company added seven accounts each with deals worth more than $100 million during the fourth quarter, compared to only three in the last quarter of 2010-11. The average revenue from such clients had increased from $111 million to $123 million. However, he admitted that ‘decision-making' by clients had been slow.
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