BANGALORE, May 25: Wipro Ltd, the holding company of Wipro Corporation, has recorded a sales turnover of Rs 1,500 crore during 1997-98 -- up by 15 per cent -- and a profit after tax of Rs 107.9 crore, an 87 per cent rise over the previous year. The market capitalisation of the company is Rs 7,700 crore which has increased by five times over the levels in the previous year.Speaking at a press conference here on Monday, Azim H Premji, chairman and managing director, Wipro Ltd, said that the sales of Wipro Corporation, for the year ended March 31, 1998, has registered an increase of 13 per cent to Rs 1,827 crore from the previous year's Rs 1,617 crore. The profit after tax has increased by 41 per cent to Rs 100.50 crore. The announcement came immediately after the company's board meeting.
Commenting on the tilt in the product mix towards software, Premji said that the software exports of Wipro Corporation have increased by 49 per cent over the previous year to Rs 407 crore. This makes Wipro the largestpublicly listed software exporter in India and the second in exports from India. Wipro has retained its leadership position in computers, peripherals and domestic services business.
According to Ashok Soota, president, Wipro Infotech, the company shipped 37,000 personal computers under the Wipro-Acer brand registering a growth of 20 per cent over the previous year. The company has suffered a setback in the financial services business with losses amounting to Rs 59.75 crore according to S C Senapathy, Executive Vice President (Finance). Wipro also plans to establish a subsidiary in the US with an initial investment of $ 2,00,000.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
