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Wipro software exports increase 49 per cent

The market capitalisation of the company is Rs 7,7000 million, which has increased by five times over the levels in the previous year.

T O D A Y

• Budget '98 • MTNL results • Wipro exports up • Taxman blamed

Wipro Chairman and Managing Director Azim H Premji has said that sales of Wipro Corporation for the year ended, March 31, 1998, have registered an increase of 13 per cent to Rs 18.27 billion, from the previous year's Rs 16.17 billion.

The profit after tax has increased by 41 per cent to Rs 1.005 billion. The announcement came immediately after the company's board meeting.

Commenting on the tilt in the product mix towards software, Premji said the software exports of Wipro Corporation have increased by 49 per cent over the previous year to Rs 4.07 billion. This makes Wipro the largest publicly listed software exporter in India and the second in exports from India.

Wipro has retained its leadership position in computers, peripherals and domestic services business.

According to Wipro Infotech President Ashok Soota, the company has shipped 37,000 personal computers under the Wipro-Acer brand, registering a growth of 20 per cent over the previous year.

In India, Wipro is expanding its software development facilities into Hyderabad and Madras, besides Bangalore.

The company has suffered a setback in the financial services business with losses amounting to Rs 597.5 million, according to executive vice-president (finance) SC Senapathy.

Wipro Finance will now concentrate on redirecting asset financing; non-fund based activities like syndicating and aggressively marketing 'Ezy Cash', a pre-paid smart card with embedded features.

Wipro plans to invest Rs 2000 million in infrastructure development during 1998-99, which will be directed primarily towards software facilities and financed through internal accruals.

Other investment plans include Rs 1000 million in marketing and brand establishment, and Rs 350 million in research and development, which will be supplemented with global world-leading partnerships where needed.

Wipro's capital investment in 1998-99 would be Rs 2 billion, of which 70 per cent would be for the software business. In 1998-99, the company's after-market and services revenues are planned at Rs 8.9 billion.

Of this, exports are Rs 7.3 billion, with software exports amounting to Rs 7 billion.

- Compiled from the Indian media

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