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Friday, 18 October, 2002, 11:49 GMT 12:49 UK
Wipro profits inch higher
Wipro logo
Wipro is striving to live up to its motto
India's largest listed software firm, Wipro, achieved a slight rise in profits between July and September.

The 1.4% increase was attributed to surging revenues from an expanding outsourcing business.

Many foreign technology firms, including Oracle and Cisco, outsource work to India where they can find cheaper labour.

"There is a trend towards more and more offshore projects to cut costs," said chief financial officer Suresh Senapathy.

"India is the king as far as outsourcing is concerned."

New clients

Wipro made profits of 2.2bn rupees ($44.9m) in the quarter on the back of sales worth 10.6bn rupees.

It also reported that it had signed up 30 new clients, including UBS Warburg, ICI, Sprint and Gillette.

Wipro is 80% owned by its chairman, Azim Premji, India's richest man who has an estimated personal fortune of $6bn.

The remainder of the firm's shares are traded on the New York Stock Exchange.

Wipro's share price dipped following the results statement after analysts expressed concerns about falling profit margins.

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Wipro's Suresh Senapathy
"Many companies are sourcing from India for the first time."
See also:

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