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Wipro net jumps 58%

Bangalore, April 22: Wipro Ltd has posted a 58 per cent jump in profit after tax at Rs 1,628.5 crore in 2004-05 over Rs 1,031.5 crore in the previous fiscal.

The company's revenues grew 39 per cent year-on-year to Rs 8,169.8 crore against Rs 5,881.2 crore in 2003-04, chairman Azim Premji said.

The company's board has announced a bonus issue of 1:1 and a dividend of Rs 5 per share for its shareholders and American depository share (ADS) owners.

For the fourth quarter ended March 31, the company's profit after tax rose by 35 per cent to Rs 433 crore from Rs 320.8 crore on revenues of Rs 2,312.1 crore against Rs 1,786.3 crore in the year-ago period.

'During the year, our global information technology (IT) business has posted a healthy growth in revenues, expanded operating margin and virtually improved all operating parameters,' the chairman said.

The company's flagship division ' global infotech services & products ' posted revenues worth Rs 6,075 crore for the whole year, an increase of 39 per cent year-on-year. The revenues for the fourth quarter was Rs 1,641 crore against Rs 1,255 crore in the year-ago period, an increase of 31 per cent.

Wipro's revenues from outsourcing services stood at $1.39 billion, up 40 per cent from $999 million last year.

Though the company did not disclose the estimate for 2005-06, Premji projected the revenue from global IT services business at $395 million.

'Considering the emerging opportunities in the global market and our unique business model, the future looks as exciting as the journey has been so far,' Premji said.

According to vice-chairman Vivek Paul, the fourth quarter witnessed continued customer confidence in the portfolio of Wipro's IT business service lines.

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