The revenue from operations stood at Rs 774 crore up from Rs 550 crore in the corresponding quarter. Global IT services division was the major growth driver as far as revenue and net profit is concerned. This division, which grew by 88 per cent to Rs 480 crore, contributed around 62 per cent to the total revenue.

The current quarter has witnessed a fall in the dependence on the US market. Share of the US in total global revenue has fallen down from 70 per cent in fiscal 2000 to 64 per cent in the current quarter. The focus has now shifted to the other lucrative avenues like Europe and Japan, which now contribute 28 per cent and 7 per cent respectively to the total global revenue.

Even the dependence on a single customer has decreased. The largest customer now accounts for only 8 per cent of the global revenue against 15 per cent in fiscal 2000. Addition of 26 new clients in the quarter has helped diversify the company's client base. While the revenue of the company has risen by 40 per cent, the total expenditure has risen by only 22 per cent to Rs 548 crore. Operating profit margin as a result has risen by 1000 basis points to 30 per cent.

Wipro has a tight control over its costs, which is evident in its results from quarter to quarter. Even the previous quarter ended September, 2000 saw a 116 per cent jump in the net profit on a growth of 31 per cent in the revenue.

The Housing Development Finance Corporation (HDFC), the housing sector giant has invariably been a hot favourite of institutional investors amongst the beleaguered financial and banking sector stocks owing to its strong financials and lower downside. The fact that the corporation is fast transforming itself into a one-stop financial service provider, adds to its charm.

Capitalising on the prevailing downtrend in the housing sector, stable interest rate regime and tax concessions HDFC has churned out a satisfactory performance during the quarter ended December 2000. Riding piggyback on a spurt in retail lending, the topline rose by 13.8 per cent to Rs 580 crore up from Rs 510 crore.

Approval and disbursements of individual loans rose by 52 per cent and 54 per cent respectively during the nine month period to December 2000. In aggregate terms, approvals were up by 31 per cent at Rs 4,716 crore from Rs 3,608 crore. Whereas, disbursals were up by 30 per cent to Rs 3,834 crore (Rs 2,955 crore). The flip side to the story is that this rise in individual lending has been at the cost of corporate lending. The housing loan lending got a shot in the arm as the government raised tax deduction for interest paid on housing loans to Rs 100,000 from Rs 75,000 during the last budget.Bottomline grew by less than that expected in the period. Net profit rose by 14 per cent to Rs 108.6 crore up from Rs 95 crore. Since, interest margins have remained steady and costs have not been rising fast, net profit was expected to be higher. The interest earned to interest expended ratio has been stable at 1.39 (1.38). Total expenditure has risen by 13 per cent to Rs 439 crore as against Rs 388 crore. The operating costs owe their rise largely to a 52 per cent rise in staff costs.

Lately, this premier housing corporate has been pro-active and diversifying into several non-core areas. Earlier during 2000 it had acquired Home Trust Housing Finance. But, the forays into life insurance, mutual fund and credit information bureau would be critical for its future growth. The scrip has not responded to the bright show as it closed at Rs 516.