Wipro Q1 profit after tax at Rs 1,970 million

Mumbai: Wipro Ltd has posted a profit after tax of Rs 1,970 million for the quarter ended 30 June 2002 as compared to Rs 2,077 million in the quarter ended 30 June 2001.

The net profit for the quarter ended 30 June 2002 is at Rs 1,665 million, which is after considering an extraordinary and non-recurring expense of Rs 305 million. The total income has increased from Rs 8,162 million in JQ01 to Rs 9,261 million in the quarter ended 30 June 2002.

Under the consolidated results, the company has posted a net profit of Rs 1,627 million for quarter ended 30 June 2002 as compared to Rs 2,139.80 million for the quarter ended 30 June 2001. The total income (net of excise) has increased from Rs 8,197.70 million in JQ01 to Rs 9,452.27 million in JQ02.

Says Wipro chairman Azim Premji: “This quarter we saw our strategic plan translate into business initiatives. On the acquisition front, we completed two transactions — Spectramind and GE Medical Systems Information Technologies. Looking ahead for the quarter ending September 2002, we expect revenue from IT services to be approximately $135 million, including revenue from Healthcare and Life Science of $3 million. Revenue from Spectramind is estimated at $8 million for the quarter ending September 2002. Both the transactions are expected to be completed in July 2002.“

Says Wipro Technologies (global IT business) vice-chairman and CEO Vivek Paul: “Our performance for the quarter was in line with our expectation on strong volume growth, pricing environment and margin pressure. During the quarter we won a $20-million five-year contract for a UK-based Utilities Company to remote-manage 350 heterogeneous servers, 3,200 network elements and 44 databases spread across 118 locations in the UK and Ireland.“