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July 30, 1998
A Staff Writer in Bombay
Wipro's software exports grew by 73 per cent to Rs 1.331 billion in revenues and 107 per cent in profit before interest and tax in the quarter ending June 30, 1998, compared to the corresponding quarter last year.
Wipro's software business comprises systems software and applications software with year 2000 solutions being just about 8 per cent of services.
Profit after tax this quarter is Rs 257 million, which is significantly higher than PAT of Rs 32 million in the first three months of the last financial year.
In 1998-99, Wipro Limited enhanced the rate of depreciation on computers from 33 per cent to 50 per cent; on furniture and fixtures from 9.5 per cent to 19 per cent and on office equipment from 4.75 per cent to 19 per cent. This has resulted in an additional charge of Rs 32 million for the first quarter of 1998-99.
Growth of Wipro Infotech Group's hardware products and services business was 22 per cent, while growth of Wipro consumer care and lighting group was 16 per cent this quarter over the corresponding period of the previous year.
India's number one publicly listed software exporter, Wipro has won for the sixth successive year the government's Excellence in Electronics Award for Software Development this year.
Of Wipro's capital investment of Rs 2 billion in 1998-99, 70 per cent will be for the software business.
Wipro Limited obtained the highest credit rating of P1+ from CRISIL in July 1998 for its commercial paper of Rs 1 billion. The entire amount was placed during this month.
The Rs 18.3 billion diversified and integrated Wipro Corporation is in services, technology products and consumer products.
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