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Wipro Results for the Quarter Ended June 30, 2011 Under IFRS

BANGALORE, India EAST BRUNSWICK, N.J. July 19, 2011 June 30, 2011

Highlights of the Results:

  • $1,408 million
  • $1.92 billion
  • $299 million $295 million
  • $1,436 million
  • $315 million
  • Our Operating Income to Revenue for IT Services was 22% for the quarter.

June 30, 2011

Azim Premji

$100 million

T K Kurien, Executive Director & Chief Executive Officer, IT Business, said – " Enterprises are variabalizing their IT to position themselves better for winning in the world of constraints. We are building assets that allow consumerization of enterprise technology and performance analytics, two trends that will help us differentiate."

September 30, 2011

$1,436 million to $1,464 million

(1)  For the convenience of the reader, the amounts in Indian rupees in this release have been translated into United States dollars at the noon buying rate in New York City on June 30, 2011, for cable transfers in Indian rupees, as certified by the Federal Reserve Board of New York, which was US $1= `44.59. However, the realized exchange rate in our IT Services business segment for the quarter ended June 30, 2011 was US$1= `45.50

* Guidance is based on the following exchange rates: GBP/USD at 1.63, Euro/USD at 1.43, AUD/USD at 1.08, USD/INR at 44.9.

IT Services (75 % June 30, 2011

June 30, 2011

Wipro has won a multi-year engagement with a top 10 universal bank for modernizing their core banking platform. This will involve replacement of their legacy platform by a new one with more contemporary technology. This transformational program will enable the bank to launch new products quickly and go to market faster with new functionality to its customers. Besides this program, the bank has also chosen Wipro as their strategic partner for application development and maintenance work for their retail banking business.

As macroeconomic environment continues to be unpredictable, enterprises are simplifying and variablizing their IT. Some of the deals won in the market support this growing trend.

Wipro has entered into a multi-year outsourcing engagement with one of the world’s leading mail stream management companies for data center consolidation and provisioning of infrastructure on cloud based models.

As IT budgets come under pressure, businesses are demanding more accountability and value from investments in IT. Wipro has introduced the IT 360™ framework that helps customers define, measure and maximize value from IT investments. The framework which helps customers measure the Return on their IT Investments evaluates the benefits and value of each individual component in the IT landscape, to maximize the value that IT delivers to business. Wipro has used this framework for a leading provider of commercial cleaning and hygiene solutions to demonstrate IT Cost Transparency.

For one of UK’s largest Water and Sewerage Services organization, Wipro will provide end-to-end delivery of Applications & Infrastructure Managed Services and undertake a series of technology and process transformation initiatives to better align IT services to the customer’s business dynamics.

Analytics continues to be one of the fastest growing services and Wipro has been able to capitalize on this market opportunity. Customers are increasingly looking to analytics to help them win in the world of constraints. Wipro partnered with a hi-tech manufacturing company to establish a quality analytics program. By integrating available data on products and components, the program can provide early visibility into product quality issues.

Wipro has won a Price Optimization consulting engagement with a leading drug retailer in US. Through a partnership with Revionics, a leading provider of life cycle price optimization solutions, Wipro will bring its capabilities in Everyday Pricing and Markdown Optimization and deep expertise in retail domain to this engagement.

Wipro has been chosen by one of largest food manufacturers in UK as a strategic IT partner. As part of the five year strategic relationship, Wipro will be responsible for supporting the SAP landscape for the customer. This partnership will achieve the strategic objective of standardizing systems and processes while reducing operating costs, achieving business productivity efficiencies and improving customer experience.

India Middle East Delhi

In a further boost to our Eco-energy and System Integration credentials, Wipro, along with Consolidated Construction Consortium Ltd (CCCL),  entered into an engagement for end-to-end Networking and setting up of Intelligent Building Management System for ONGC’s (Oil and Natural Gas Corporation) corporate office.

Awards and accolades

Wipro has been cited as a Leader in "The Forrester Wave™: SAP Services Providers, Q2 2011 (April 2011)" and has some of the strongest skills of Indian SAP service providers professionals based on scale, cross-industry expertise and global reach.

Wipro has also been cited as a Leader in "The Forrester Wave™: Salesforce.com implementation, Q2 2011 (May 2011)" due to its practice maturity, depth and breadth of resources and suitability for large, complex engagements.

Wipro has won the 2011 Microsoft Software Development Partner of the Year Award. The company was among the top global Microsoft partners to be honored for demonstrating excellence in innovation and implementation of customer solutions based on Microsoft technology.

June 30, 2011

  • $226 million June 30, 2011
  • $9 million
  • The ratio of our Operating Income to Revenue for this segment was 4.2% for the quarter.

Consumer Care and Lighting (9% of Total Revenue and 6% of Operating Income for the
June 30, 2011

  • $169 million June 30, 2011
  • $20 million
  • Operating Income to Revenue for this segment was 11.9% for the quarter.

Wipro Limited

  • June 30, 2011 $1.92 billion
  • June 30, 2011 $299 million
  • June 30, 2011 $295 million

Please see the table on page 7 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 on page 7 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.

June 30, 2011 www.wipro.com

Quarterly Conference Calls

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

About Wipro Limited (NYSE: WIT)

Wipro provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, IT enabled services, 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 also has a strong presence in niche market segments of Infrastructure Engineering and Consumer Products & Lighting.  

www.wipro.com

Forward-looking and Cautionary Statements

India India www.sec.gov

(Tables to follow)

WIPRO LIMITED AND SUBSIDIARIES

AUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION

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

As of March 31,

As of June 30,

2011

2011

2011

Convenience
translation into
US$ in millions

ASSETS

Goodwill

54,818

60,460

1,356

Intangible assets

3,551

4,946

111

Property, plant and equipment

55,094

55,522

1,245

Investment in equity accounted investee

2,993

3,103

70

Derivative assets

2,984

3,432

77

Non-current tax assets

9,239

9,239

207

Deferred tax assets

1,467

1,773

40

Other non-current assets

8,983

9,993

224

Total non-current assets

139,129

148,468

3,330

Inventories

9,707

11,422

256

Trade receivables

61,627

68,391

1,534

Other current assets

19,744

24,584

551

Unbilled revenues

24,149

28,224

633

Available for sale investments

49,282

57,953

1,300

Current tax assets

4,955

5,532

124

Derivative assets

1,709

1,417

32

Cash and cash equivalents

61,141

50,752

1,138

Total current assets

232,314

248,275

5,568

TOTAL ASSETS

371,443

396,743

8,898

EQUITY

Share capital

4,908

4,911

110

Share premium

30,124

30,726

689

Retained earnings

203,250

216,599

4,858

Share based payment  reserve

1,360

955

21

Other components of equity

580

1,183

27

Shares held by controlled trust

(542)

(542)

(12)

Equity attributable to the equity holders of the company

239,680

253,832

5,693

Non-controlling Interest

691

751

17

Total equity

240,371

254,583

5,709

LIABILITIES

Long – term loans and borrowings

19,759

20,217

453

Deferred tax liabilities

301

858

19

Derivative liabilities

2,586

2,230

50

Non-current tax liability

5,021

5,320

119

Other non-current liabilities

2,706

3,286

74

Provisions

81

101

2

Total non-current liabilities

30,454

32,012

718

Loans and borrowings and bank overdrafts

33,043

40,130

900

Trade payables and accrued expenses

44,052

46,135

1,035

Unearned revenues

6,595

6,845

154

Current tax liabilities

7,340

7,601

170

Derivative liabilities

1,358

1,181

26

Other current liabilities

5,906

6,141

138

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