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July 21, 2009

Wipro Q1 profit up 12%

Sees first signs of stability in the business

By CBR Staff Writer

Indian software maker Wipro has posted a net profit of INR10.16 billion for the first quarter of 2009, compared to a net profit of INR9.08 billion for the same period last year.

The company has posted revenues of INR62.74 billion for the quarter ended June 30, 2009, up 5% compared to revenues of INR59.67 billion for the same period a year-ago.

Azim Premji, chairman of Wipro, said: “We are starting to see the first signs of stability in the business as ramp downs start to taper off and volumes start to stabilise. We are adapting ourselves for the new reality with continued investments in Value Creation, Go-To-Market and driving significant operational productivity.”

According to Wipro, its IT Services business has reported revenues of INR48.25 billion for the first quarter of 2009, up 10%, compared to same period a year-ago while revenues from IT products business was up 2% to INR7.6 billion. Consumer Care and Lighting business recorded revenues of INR5.46 billion, a growth of 7% over the same period last year.

IT Services and IT Products businesses accounted for 77% and 12% of the total revenue, respectively, while its Consumer Care and Lighting business accounted for 9% of the total revenue.

During the quarter, as part of its Green IT initiative, the company has developed integrated technologies to help reduce carbon footprints and energy needs for multiple industry verticals.

Premji added: “Looking ahead, for the quarter ending September 30, 2009, we expect revenues from our IT Services business to be in the range of $1,035 million to $1,053 million.”

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