Wipro eyes $3 bn revenues in 3 yrs

We want Wipro to be one of the top ten IT services companies of the world and so reach a revenue of $ 3 billion plus in two to three years," said Sudip Banerjee, president of the enterprise business of Wipro Technologies and one of the trio who will lead the operations.

Wipro is alredy among the top ten, in terms of valuation and employees. It is around 15th in terms of net profit and in the 20-30 group, in terms of revenue.

On what will make the growth possible, Banerjee said Wipro Consulting which has given the company "positioning, brand image and client entry."

The positive sign was that increasingly "big outsourcers were taking the top three Indian software companies seriously and entering into long term contracts." in the last couple of years Wipro had entered into such relationships with Shell, BP and GM.

Girish Paranjpe, president of the banking and financial services business, said "Business is good, the road ahead is clear and we see no radical departure from recent trends."

On the question of improving price realisation so as the combat rising costs, he pointed out that the financial services business was related to the "economic cycle."

In the upward part of the cycle, as it is now, there is good volume growth and "we add to heft." Average realisation will go up when the volume growth phase is passed. Right now everything looks positive in Wipro's main market, the US, he added.

Wipro also plans to pursue optimal utilisation of office space. As of March 31, 2005, the company has committed capital of Rs 118 crore to the construction and expansion of software development facilities. Additional expansion plans are intended to be funded by internal accurals, the company said.

During 2004-05, the company acquired about 20,62,000 sq feet (47 acre) of land on Sarjapur Road adjoining its current corporate campus for future expansion.

The company operates from 50,14,449 sq ft of built-up space, 65,12,800 sq ft and 12,83,571 sq ft of builtup factory space, and 40,37,979 sq ft of factory land.

Wipro operates with 10 manufacturing sites, aggregating 12,83,570 sq ft factory space and 40,37,975 sq feet of land. The company owns eight facilities, located in Amalner, Tumkur, Bangalore, Mysore, Hindupur, Chennai and Pondicherry in India. It has leased two facilities in Waluj and Baddi in India on a long-term basis.

The company has one software development facility in London and sales and marketing office in Canada, France, Germany, Japan, Sweden, Italy, Switzerland, Finland, the Netherlands, china, Japan and 11 sales and marketing offices in the United States.