India's third largest IT outsourcer, Wipro, has announced revenues up 41% and profits up 44% for the financial year ending 31 March.
The continuing boom in outsourcing to India has helped the country's top outsourcers post strong revenue and profit growth this year. Wipro attributed its figures to strong growth across all its businesses and to the benefits of overseas acquisitions starting to kick in.
Wipro posted revenue of 149.43bn Indian Rupees (£1.7bn) and profits of 29.17bn Rupees (£350m) for the year. Its Global IT Services and Products business, which handles most of the outsourcing work for customers abroad, posted revenue of 110.74bn Rupees (£1.32bn), up by 38% on the previous year. This business added 197 new clients during the year.
Increase in billing rates, and improved profitability in its acquisitions and its business process outsourcing (BPO) business, helped the company offset the impact of the appreciation of the Rupee and wage hikes for staff posted abroad, Wipro said.
Over the past two years, Wipro has made a number of small acquisitions in the US and Europe aimed at getting access to new markets or new technologies. All the acquisitions had made profits in the financial year to 31 March, the company said.
Wipro had 67,818 staff in its global outsourcing business as of 31 March, of which 50,354 were in IT services, and 17,464 were in BPO. The company competes for staff and business with multinational services companies ,including Accenture and IBM, that have set up delivery operations in India.
Tata Consultancy Services and https://www.computerworlduk.com/management/it-business/supplier-relations/news/index.cfm?newsid=2572, India's top two outsourcers, also reported strong revenues and profit growth for the year.