Wipro’s chairman Azim Premji, right, with vice chairman Vivek Paul at the company’s offices in Bangalore, on April 16, to announce its last quarter and annual results for the year ended March 2004. (Photo: AFP)

BANGALORE: Wipro Ltd., India’s third-largest software exporter, said on April 16 it crossed the $1-billion revenue mark during the fiscal year ended March 31, 2004 on increased outsourcing from overseas companies. In the full fiscal year 2003-04, total revenues were $1.3 billion, representing a 36-percent increase over the corresponding period in the last year.

The Bangalore-based company’s net profit in the year ended March 31, 2004 rose to $235 million, representing an increase of 26 percent over net income for the year 2002-03.

Wipro joins Tata Consultancy Services, the country’s largest software exporter, and Infosys Technologies, the second biggest firm, in the premier club of information technology (IT) companies who have crossed the $1 billion revenue mark.

The better-than-expected financial numbers for the fiscal year 2003-04 and January-March quarterly period unveiled by Wipro, promoted by India’s richest man, Azim Premji, boosted the share market sentiment. Shares of Wipro, which is also listed on the New York Stock Exchange, ended 1.7 percent higher at the Bombay Stock Exchange on April 16.

Wipro added 35 new clients in the fourth quarter, including four in its IT-enabled service operations, Wipro Spectramind.

The company had 28,502 employees as of March 31, 2004, which includes 19,202 employees in IT services business and 9,300 employees in Wipro Spectramind.

“During the year, we made significant progress toward our goal of being the preferred provider of comprehensive solutions for our customers,” said Premji, chairman of Wipro. “Focused strategy coupled with improved execution facilitated by our quality initiative, resulted in value for our customers, the benefits of which are beginning to reflect in our results.”