Incidentally, Wipro's software business consists of Systems Software and Application Software with year 2000 solutions being just about 8 per cent of services. The products and services division has contributed Rs 112.50 crore to the turnover, a rise of 22 per cent. The sales contribution from the consumer care and lighting division has risen by 16 per cent to Rs 90.99 crore.

The operating profits have increased by a whopping 72.4 per cent to Rs 47.8 crore. Commensurately, the operating margins rose from 10.96 per cent to Rs 14.35 per cent. Coupled with this, a 40.53 per cent drop in interest costs to Rs 9.86 crore resulted in gross profit shooting up by 231 percent to Rs 40.19 crore.

The company has changed its depreciation policy wherein the rate of depreciation increased from 33 per cent to 50 per cent in the case of computers, 9.5 per cent to 19 per cent for Furniture and Fixtures and 4.75 per cent to 19 per cent for office equipments. Barring this, Wipro's bottom line has risen by a phenomenal 690 per cent to Rs 26.67 crore although other income contributed heftly and soared by 129 per cent to Rs 2.25 crore.Wipro delivers software solutions in 18 countries with major markets in USA, Japan and Europe. Its foray into the Enterprise Resource Solution business has allowed it to move up the value chain. The company has built a strong presence in the domestic IT business helped by alliances, an extensive distribution and marketing network. The lighting division is slated to break even in the current year. The company has planned a Rs 200 crore capex in the software business. All this means software exports are going to be the main thrust area for the company in thefuture as well.