Wipro Corp Net Rises 41%

Wipro Corporation, fueled by its software exports, has recorded sales of Rs 1,827 crore for the year ended March 31, 1998, up by 13 per cent over that in the last year. The group comprises Wipro Ltd, its subsidiary Wipro Finance Ltd, and its joint venture companies Wipro Acer Ltd and Wipro GE Medical Systems Ltd.

The bulk of the group's increased sales turnover and profit has come from Wipro Infotech, whose software exports alone have crossed over Rs 407 crore last year, making it the top software company in the country.

Wipro Corporation's profit after tax (net of minority interest and before extraordinary and exceptional charges) has gone up to Rs 100.50 crore, up by 41 per cent over that of the previous year.

According to Azim Premji, chairman of the Wipro group, Wipro Ltd, the holding company of Wipro Corporation, involved in integrated corporation in services, technology products and consumer products, has recorded sales of Rs 1500 crore, up by 15 per cent, and a profit after tax of Rs 107.9 crore, up by 87 crore over that in the last year.

The accounts of Wipro Corporation, which are consolidated on the basis of standard international accounting principles, said its software services executed from India grew by 85 per cent. This has made Wipro the largest publicly listed software exporter in India and the clear second in exports from India, Ashok Soota, president, Wipro Infotech, said.

Wipro GE, Wipro's joint venturer with General Electric, has emerged as the largest healthcare systems company in South Asia.

Meanwhile, to offset the losses faced by Wipro Finance, Wipro group has decided to make an adjustment of Rs 59.7 crore in its accounts in a move to wipe out the accumulated losses.

Wipro Finance suffered because of setbacks faced by the financial services industry and low investments in infrastructure.

The company made a loss of Rs 13.8 crore in 1997-98. Wipro has already made an adjustment towards the earlier losses from its original networth of Rs 77 crore (now Rs 45 crore). To provide for the current losses, Wipro has decided to make more financial adjustments.