Offshore software business growth

Friday, May 20, 2005

The Indian Outsourcing giant Wipro has announced reenue of $378 million for the quarter ending 31st March. This quarter result is 31 percent up over last year. Total net income has also increased to $102 million which is up from $74.3 million last year. Wipro was started in Banglore and currently has head-office in US. Its full year revenue reached $1.87 billion which is a rise of 39% compared to last year and net profit for full year increased to $363 million which is 58% higher compared to last year.

Mr. Azim Premji said: “Considering the emerging opportunities in the global market and our unique business model, the future outlook looks as exciting as the journey has been so far.” The company also mentioned that its outlook for the next quarter is positive and revenue will see a rise of 5%. Although, the company faces some challenges nowadays including managing salary bills, higher manpower turnover rates, and stronger performance of Rupee against the dollar. Also, the company facing stiff competition in offshore outsourcing market.