Indian IT services giant Wipro this week reported yet another financial quarter of phenomenal revenue growth.

Overall, the company – which has other businesses aside from IT services - earned $1.03 billion during its first fiscal quarter of 2007, 34% more than it did in the previous year. This is roughly a repeat of the revenue growth enjoyed by the company between the first quarters of 2005 and 2006.

The IT services division itself grew revenues by 20% to reach $725 million. During the quarter, the division added 39 new customers, including a $130 million ‘total outsourcing’ contract with an unnamed European utility provider.

Wipro chairman Azim Premji reflected that the continued rate of revenue growth was all the more gratifying in the face of the appreciation of the Rupee during the period and wage inflation.

Chief financial officer Suresh Senapaty said in a statement, “On the margin front, operational improvements helped us in partially offsetting the pressure on profitability arising out of rupee appreciation and contain the sequential operating margin drop."

Further reading 

Information Age profile - Wipro