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July 23, 2010

Wipro Q1 revenue up 16% to INR72.36bn

Operating income up 27% year-on-year

By CBR Staff Writer

Indian software maker Wipro has posted a total revenue of INR72.36bn for the first quarter of 2010, up 16% compared to a revenue of INR63.87bn for the same period last year.

The company posted an operating income of INR14.49bn for the quarter ended June 30, 2010, up 27% compared to revenues of INR11.42bn for the same period a year-ago.

For the quarter ended on June 30, 2010, the company recorded net income of INR13.19bn, an increase of 31%, compared to net income of INR10.15bn for the same period a year-ago.

According to Wipro, its IT Services business has reported revenues of INR55bn for the first quarter of 2010, up 14%, compared to same period a year-ago, while revenues from IT products business was up 14% to INR8.3bn.

Azim Premji, chairman of Wipro, said: "We are seeing strong demand environment across our industry verticals despite macro challenges. We added the highest number of billable employees ever, in this quarter.

"Our guidance reflects this momentum for the quarter ended September 30, 2010, we expect revenues from our IT Services business to be in the range of $1,253 million to $1,277 million, a sequential increase of 4.1% to 6.1%."

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