Wipro posts revenue, profit growth
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Wipro, India&#39;s third largest outsourcer, Friday reported growth in revenue and profits for the quarter ended September 30.The company reported revenue of 47.28 billion Indian rupees ($1.19 billion at the exchange rate on closing day of the quarter), up by 35 percent for the same quarter last year. Its profits at 8.1 billion rupees were up 17 percent from profits in the same period last year.The results are based on U.S. generally accepted accounting principles (GAAP).During the quarter,&#160;Wipro completed the acquisition of Infocrossing, a U.S. provider of IT infrastructure management, enterprise application and BPO (business process outsourcing) services through a tender offer. The company is also expanding its presence in the U.S. by setting up its first development center in the country for delivery of services onshore to its customers in the U.S. Wipro expects to fill 200 positions at this center in Atlanta, Georgia in the first year. A near-shore center in Monterrey, Mexico was also set up during the quarter.Wipro has both a domestic and export business. Exports for the quarter, consisting of IT and BPO services, were 32.4 billion rupees, up by 19 percent over exports in the same quarter last year.Wipro, like other Indian outsourcers, has been affected by the weakening of the U.S. dollar. A weak dollar translates into fewer rupees, even as these companies have to spend more in rupees to pay for rising staff costs. The company&#39;s operating margins for the quarter improved despite increasing salaries in India, on account of higher prices, higher utilization and operational efficiency, Wipro said.India&#39;s largest outsourcer&#160;Tata Consultancy Services&#160;(TCS) of Mumbai, and second largest outsourcer,&#160;Infosys Technologies&#160;of Bangalore, both reported strong revenue and profits growth for the quarter.Wipro added 59 new clients during the quarter in its export business. It also added 5,341 new employees, taking the total number of employees in its export business to 77,478 as of September 30.
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Wipro, one of India's leading software exporters, reports a 65% jump in profits, driven by European demand and a rise in outsourcing.
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Rogers Communications Inc. credited surging earnings at its fast-growth wireless unit and foreign exchange gains for the cable, media and telecom group&#39;s third-quarter return to profit Tuesday.
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India's third-largest software company Wipro Ltd. said Friday that its net income for the October-December quarter rose 11 percent from a year ago due to strong outsourcing orders.
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Revenue for the network computer maker rose year over year for the second consecutive quarter after three years of declines, the company said today.
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The wireless network operator's growth looks both substantial and sustainable.
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(InfoWorld) - India's third largest outsourcer, Wipro, Thursday reported growth in revenue and profit, although like other Indian outsourcers, it too was affected by theÂ appreciation of the Indian rupeeÂ against the U.S. dollar. The company posted total revenue of Indian rupees 41.83 billion ($1.03 billion) in the quarter ended June 30, up 34 percent over revenue in the same period last year. Net revenue was rupees 7.1 billion, up by 16 percent for the same period a year ago. Wipro, of Bangalore, has both a domestic and export business. Its export-oriented outsourcing business, called Global IT Services and Products, posted revenue of rupees 29.4 billion, up by 20 percent over the same period last year. The company's operating margin for this business was however down from the same quarter last year because of the strong rupee. The results are based on U.S. generally accepted accounting principles (GAAP), the company said. The company's export business had 72,137 employees as of June 30, which included 53,073 employees in its IT services and products business, and 19,064 employees in the BPO (business process outsourcing) services business. The company added 4,319 staff during the quarter of which 2,719 employees were added in its IT services and products business and 1,600 employees in its BPO business. During the quarter, some of the company's services lines like technology infrastructure services and software package implementation grew by over 50 percent year-on-year, while its BPO and testing services grew by over 40 percent year-on-year. The company's export business accounted for 70 percent of total revenue and 91 percent of operating income for the quarter. Wipro does not report profits separately for this business, which added 39 new outsourcing clients in the quarter.
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Driven largely by gains in its wireless and data businesses, Verizon Communications' revenue was up 5.5 percent year over year in the fourth quarter of 2007, and net income was up slightly.
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Verizon Communications Inc  said  on Monday its quarterly revenue rose due to strong wireless  subscriber growth, although profit fell after merger-related  costs and other items.
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Comcast Corp. , the leading U.S. cable operator, posted higher quarterly profit and revenue on Thursday, helped by strong growth in subscribers across its video, phone and high speed Internet services.
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AT&T Inc  on Thursday posted a  higher quarterly profit as strength in its wireless business  offset weakness in traditional consumer services.