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Wipro Records 10% YoY Growth in Profit After Tax in the Quarter; Year-to-date Growth of 16%

BANGALORE, India EAST BRUNSWICK, N.J. Jan. 20, 2011 December 31, 2010

Highlights of the Results:

December 31, 2010

  • $1,344 million $1325 million
  • $1,328 million
  • $1.75 billion
  • $294 million
  • $292 million
  • Rs.13 $295 million
  • IT Services added 36 new clients in the quarter.
  • Net addition of 3,591 employees in the current quarter.
  • Consumer Care and Lighting Revenue grew 21% over the same period last year and EBIT grew 14%.
  • Rs.2 $0.04

December 31, 2010 March 31, 2011

Azim Premji

“We announced the appointment of TK Kurien as the Chief Executive Officer of IT Business and Executive Director, Wipro Limited effective February 1, 2011. The Joint CEO structure was one of the key factors that successfully helped us navigate the worst economic crisis of our times. With the change in environment, there is a need for a simpler organization structure. Kurien’s track record with customers, passion for excellence, coupled with strategic thinking and rigor in execution makes him uniquely positioned to lead Wipro through the next phase of growth.”

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said –

“The Operating Margins for IT Services Business was flat, despite lower working days and drop in utilization.”

March 31, 2011

$1,384 million to $1,411 million

* Guidance is based on the following constant currency exchange rates: GBP/USD at 1.58, Euro/USD at 1.35, AUD/USD at 1.01, USD/INR at 44.98

Wipro Limited

December 31, 2010 $1.75 billion December 31, 2010 Rs.13 $294 million December 31, 2010 $292 million December 31, 2010 $0.12 December 31, 2010 $0.12

Please see the table for a reconciliation between (i) IFRS Net Income and non-GAAP Adjusted Net Income (excluding the impact of stock-based compensation) and (ii) IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

December 31, 2010

$1,328 million December 31, 2010 $295 million December 31, 2010

December 31, 2010

December 31, 2010

Wipro continues to move the business mix towards transformation business helping clients deliver better business outcomes.

Wipro won a large deal to provide next generation managed services to Pitney Bowes. The deal is an integrated applications and infrastructure contract that leverages Wipro’s award winning integrated service management platform – Cigma – that allows for better measurement of business KPI.

The solution also includes our iGCC (Integrated Global Command Center) and Flex delivery models to enable non linearity in the solution and increase business benefits to the client. In addition, Wipro will also provide IP telephony services in a utility based model, helping the customer move from a capex model to an opex based model.

Wipro has signed a multi- year contract with one of the State Government’s Administrative Office Courts in USA to develop and deploy a hosted system to assist one of its key citizen services. Wipro has entered into a multi-year outsourcing engagement with a leading Pet Supply retailer in USA to provide application development and maintenance services for business applications across their stores, online and business operations.

The Commonwealth Secretariat of UK has enlisted Wipro to redesign the next generation debt management software titled the Commonwealth Secretariat Debt Recording and Management System (CS-DRMS), which allows governments to manage their domestic, external, short, medium and long-term debt. This system will be deployed in 60 commonwealth and non-commonwealth countries.

Bombay Hyderabad

Middle East Africa

With years of experience in deploying enterprise applications, providing infrastructure and BPO services for its clients, Wipro has innovated a service delivery model that combines all three services in a utility model. The ‘Source-to-Pay’ platform, launched this quarter, allows Wipro to rapidly deploy procurement best practices, thereby realizing benefits of process efficiencies, an optimized platform and outsourced business process services in a box, while minimizing capex.  

Wipro’s experience and expertise both in technology and business were widely recognized this quarter.

Wipro was granted 2 Patents in the current Quarter. One patent is in the field of Master Data Management (MDM) and Information Exchange (MIX); and the second patent is for a SOA Solutions kit that enables rapid development of SOA applications

Awards and Recognition

Wipro was awarded the Microsoft Platform Modernization Award for Sales for 2010.

Wipro was also awarded the ‘2010 Outstanding Corporate Award’ for contribution to the Embedded Systems and Very-Large-Scale Integration (VLSI) industry segment by Mentor Graphics and SiliconIndia.

Equaterra, an independent sourcing advisory in more than 60 countries, ranked Wipro #1 in Client Satisfaction, Applications Management, Infrastructure Management, Price and Governance; underlining Wipro as a leader for client satisfaction in its detailed UK IT service provider performance study.

For the fourth consecutive year, Wipro was recognized as a winner of the Global MAKE (Most Admired Knowledge Enterprises) Award 2010 and was inducted into the Global MAKE Hall of Fame 2010.

Resonating its firmly established leadership in Green IT, Wipro became the first Indian company to join Greenpeace’s CoolIT Leaderboard rankings that assesses companies on their commitments and actions on energy and climate solutions. Wipro featured in the top 10 of a list that includes many global IT majors.

December 31, 2010

$196 million December 31, 2010 $9 million December 31, 2010

December 31, 2010

December 31, 2010

December 31, 2010

$155 million December 31, 2010 $19 million December 31, 2010

December 31, 2010 December 31, 2010

About Non-GAAP financial measures

This press release contains non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

The table which follows provides Adjusted Net Income for the period, which is a non-GAAP measure that excludes the impact of accelerated amortization in respect of stock options that vest in a graded manner, and IT Services Revenue on a constant currency basis, which is a non-GAAP measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period.

These Non-GAAP financial measure are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS, and may be different from non-GAAP measures used by other companies. In addition to these non-GAAP measure, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

We believe that the presentation of this Non-GAAP Adjusted Net Income, when shown in conjunction with the corresponding IFRS measure, provides useful information to investors and management regarding financial and business trends relating to its Net Income for the period. We consider a stock option award with a graded vesting schedule to be in substance a single award not multiple stock option awards. Further, we consider the services of the employee in each year covered by the stock option award to be equally valuable and accordingly believes that the straight line amortization reflects the economic substance of the stock option awards. However, we record the related stock compensation expenses on an accelerated amortization basis for IFRS reporting. Therefore, we believe that making available an adjusted net income number that excludes the impact of accelerated amortization from Net Income provides useful supplemental information to both management and investors about financial and business trends.

For internal budgeting process, our management also uses financial statements that exclude the impact of accelerated amortization relating to stock options that vest in a graded manner. Management of the Company also uses Non-GAAP Adjusted Net Income, in addition to the corresponding IFRS measure, in reviewing our financial results.

A material limitation associated with the use of Non-GAAP Adjusted Net Income as compared to the IFRS measure of Net Income is that it does not include costs which are recurring in nature and may not be comparable with the calculation of Net Income for other companies in our industry. We compensate for these limitations by providing full disclosure of the effects of this non-GAAP measure, by presenting the corresponding IFRS financial measure and by providing a reconciliation to the corresponding IFRS measure.

We believe that the presentation of IT Services Revenue on a non-GAAP constant currency basis, when shown in conjunction with the corresponding IFRS measure, provides useful information to investors and management regarding financial and business trends relating to IT Services Revenue.  As noted above, IT Services Revenue on a non-GAAP constant currency basis is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance.

December 31, 2010 www.wipro.com

Quarterly Conference Calls

02:00 p.m. Indian Standard Time 03:30 a.m. 6:45 p.m. Indian Standard Time 8:15 a.m. [email protected] [email protected] www.wipro.com

About Wipro Limited

Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, package implementation, software application development and maintenance, and research and development services to corporations globally.   Wipro Limited is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services company globally.  Wipro’s IT Services business was assessed at Level 5 for CMMI V 1.2 across Offshore and Onsite development centers.

Wipro also has a strong presence in niche market segments of Infrastructure Engineering and Consumer Products & Lighting.  

India Mumbai www.wipro.com www.wiprocorporate.com www.wipro.in

Forward-looking and Cautionary Statements

In addition to historical information, this press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are, by their nature, inherently uncertain and outside Wipro’s control.  Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, and its plans, expectations and intentions.

India India www.sec.gov

United States New York City December 30, 2010 New York $1 Rs.44 December 31, 2010 US$1 Rs.44

(Tables to follow)

WIPRO LIMITED AND SUBSIDIARIES

AUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

(in millions, except share and per share data, unless otherwise stated)

As of March 31,

As of December 31,

2010

2010

2010

Convenience

translation into

US$ in millions

(Unaudited)

ASSETS

Goodwill

53,802

54,437

1,215

Intangible assets

4,011

3,669

82

Property, plant and equipment

53,458

56,269

1,256

Investment in equity accounted investees

2,345

2,855

64

Derivative assets

1,201

3,254

73

Non-current tax assets

3,464

3,465

77

Deferred tax assets

1,686

1,560

35

Other non-current assets

8,784

11,158

249

Total non-current assets

128,751

136,667

3,051

Inventories

7,926

8,738

195

Trade receivables

50,928

61,150

1,365

Other current assets

21,106

21,868

488

Unbilled revenues

16,708

21,771

486

Available for sale investments

30,420

74,814

1,670

Current tax assets

6,596

8,069

180

Derivative assets

2,615

1,716

38

Cash and cash equivalents

64,878

26,162

584

Total current assets

201,177

224,288

5,006

TOTAL ASSETS

329,928

360,955

8,057

EQUITY

Share capital

2,936

4,907

110

Share premium

29,188

29,805

665

Retained earnings

165,789

194,988

4,352

Share based payment  reserve

3,140

1,324

30

Other components of equity

(4,399)

(834)

(19)

Shares held by controlled trust

(542)

(542)

(12)

Equity attributable to the equity holders of the company

196,112

229,648

5,126

Non-controlling Interest

437

644

14

Total equity

196,549

230,292

5,140

LIABILITIES

Long – term loans and borrowings

18,107

25,273

564

Deferred tax liabilities

380

321

7

Derivative liabilities

2,882

2,567

57

Non-current tax liability

3,065

3,426

76

Other non-current liabilities

3,233

2,812

63

Provisions

100

110

2

Total non-current liabilities

27,767

34,509

770

Loans and borrowings and bank overdrafts

44,404

33,254

742

Trade payables and accrued expenses

38,748

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