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Wipro Records 19% YoY Revenue Growth in the quarter

BANGALORE, India EAST BRUNSWICK, N.J. April 25, 2012 WIT March 31, 2012

Highlights of the Results:

March 31, 2012

  • $1,536 million
  • Non-GAAP constant currency revenue growth was 1.3% sequentially, in line with the guidance range.
  • rupees 98.69 billion $1.94 billion
  • rupees 14.81 billion $291 million rupees 14.81 billion $291 million
  • rupees 75.9 billion $1,491 million
  • rupees 15.73 billion $309 million
  • Our Operating Income to Revenue for IT Services was 20.7% for the quarter.

March 31, 2012

  • $5,921 million
  • rupees 375.25 billion $7.37 billion
  • rupees 55.73 billion $1.1 billion
  • rupees 284.31 billion $5.59 billion
  • rupees 59.27 billion $1.16 billion
  • Our Operating Income to Revenue for IT Services was 20.8% for the year.
  • rupees 4 $0.08 rupees 6 $0.12

March 31, 2012

Azim Premji

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said – "Our focus on operations helped improve revenue productivity and deliver strong cash flows in a volatile environment."

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said – " $100 million revenues."

June 30, 2012
$1,520 million to $1,550 million

* Guidance is based on the following exchange rates: GBP/USD at 1.58, Euro/USD at 1.31, AUD/USD at 1.07, USD/INR at 50.07.

IT Services (76 March 31, 2012

March 31, 2012

Our investments in building deep domain knowledge and innovative delivery models to provide predictive outcomes to our clients have helped garner greater customer mindshare and helped win strategic deals. 

National University of Singapore Singapore

Wipro has signed a multi-year deal with a large financial institution to provide development and operational support services. The scale and scope of this project will improve information lifecycle management, regulatory compliance and enhance data quality. This will help our customer achieve a leadership position in the market and help integrate acquisitions faster.

A leading global computing peripherals provider has selected Wipro to reduce the total cost of ownership of R&D for its legacy product portfolio. Wipro will be responsible for sustenance and enhancement of firmware for a large family of devices for the next 5 years.

North America

Wipro won a large contract facilitated by NABARD to provide the total solution and implement core banking solutions (CBS) in the identified State Co-operative Banks and Central Co-operative Banks including providing the required database, middleware, network, project implementation and project management.  With the help of CBS, the co-operative banks will facilitate the optimal technology use in rural financial sector.

Awards and accolades

Wipro was recognized by the Ethisphere Institute, a leading business ethics think-tank, as one of the 2012 World’s Most Ethical (WME) Companies. This recognition is for a select number of companies from around the world who demonstrate consistently high levels of transparency, ethics and corporate responsibility.

Dubai

The USPTO (United States Patent and Trademark Office) has granted a patent to Wipro for its invention in the area of Information management. The patent proposes an unique system and method which streamlines and improves overall efficiency of data migration and governance processes. The solution establishes an automated migration environment with repeatable and reusable processes for information led business transformation initiatives.

April 2, 2012

March 31, 2012

  • rupees 38.44 billion $755 million March 31, 2012 rupees 9.37 billion $184 million
  • rupees 1.79 billion $35 million rupees 438 million $9 million
  • The ratio of our Operating Income to Revenue for this segment was 4.6% for the year and 4.7% for the quarter.

Consumer Care and Lighting (9 % of Total Revenue and 6 %
March 31, 2012 )

  • rupees 33.4 billion $656 million rupees 9.07 billion $178 million
  • rupees 3.96 billion rupees 1.13 billion $22 million
  • Operating Income to Revenue for this segment was 11.8% for the year and 12.5% for the quarter.

Wipro Limited

  • March 31, 2012 rupees 98.69 billion $1.94 billion rupees 375.25 billion $7.37 billion
  • March 31, 2012 rupees 14.81 billion $291 million rupees 55.73 billion $1.1 billion
  • March 31, 2012 rupees 14.81 billion $291 million rupees 55.60 billion $1.1 billion

Please see the table below 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.

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 below 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. We consider a stock option award with a graded vesting schedule to be in substance a single award not multiple stock option awards and accordingly believe the straight line amortization reflects the economic substance of the award. 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. 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

These Non-GAAP financial measures 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 measures, 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.

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.

March 31, 2012 www.wipro.com


02:00 p.m. Indian Standard Time 04:30 a.m. 6:45 p.m. Indian Standard Time 9:15 a.m. www.wipro.com


www.wipro.com

United States New York City March 30, 2012 New York $1 rupees 50.89 March 31, 2012 US$1 rupees 49.43


India India www.sec.gov

(Tables to follow)

 

As of March 31,

As of March 31,

2011

2012

2012



ASSETS

Goodwill

54,818

67,937

1,335

Intangible assets

3,551

4,229

83

Property, plant and equipment

55,094

58,988

1,159

Investment in equity accounted investee 

2,993

3,232

64

Derivative assets…

2,984

3,462

68

Non-current tax assets

9,239

10,287

202

Deferred tax assets

1,467

2,597

51

Other non-current assets

8,983

11,781

231

Total non-current assets

139,129

162,513

3,193

 

Inventories

9,707

10,662

210

Trade receivables

61,627

80,328

1,578

Other current assets

19,744

25,743

506

Unbilled revenues

24,149

30,025

590

Available for sale investments

49,282

41,961

825

Current tax assets 

4,955

5,635

111

Derivative assets

1,709

1,468

29

Cash and cash equivalents

61,141

77,666

1,526

Total current assets

232,314

273,488

5,374

TOTAL ASSETS

371,443

436,001

8,567

 

EQUITY

Share capital

4,908

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