IT major Wipro Ltd too is a billion-dollar company.

The company's revenues -- from global its IT service businesses, including India & Asia Pacific -- stood at Rs 5,881 crore (Rs 58.81 billion or $1.33 billion), an increase of 36 per cent year-on-year, for the year March 31, 2004.

The IT giant's results exceeded market expectations when it announced a profit after tax of Rs 1,032 crore (Rs 10.32 billion), an increase of 26 per cent year on year.

Wipro's fourth quarter results figures too exceeded market expectations. The company posted an 18.61 per cent growth in net profit to Rs 325 crore (Rs 3.25 billion), and a 15.77 per cent growth in revenue to Rs 1,761 crore (Rs 17.61 billion).

Global IT revenues for Q4 stood at $289 million.

Wipro has also declared a two-for-one bonus, versus market expectations of 1:1 bonus. Wipro also added 35 new clients in Q4.

The company's board of directors has recommended issue of bonus shares to shareholders (including to ADS holders) in the ratio of two additional shares for every one share held subject to shareholder approval in the annual general meeting scheduled in June 2004.

The company board also recommended a one -time cash dividend of Rs 25 per share/ADS on existing paid-up capital.

The board recommended a normal cash dividend of Rs. 4 per share/ADS on existing paid-up capital (equivalent of Rs 1.33 per share on the expanded capital, up from Rs 1.00 per share on existing capital in 2002-03).

The company has introduced innovative restricted stock award scheme for employees, subject to approval of shareholders.

Outlook for the quarter ending June 30, 2004:

Azim Premji, Chairman of Wipro, commenting on the results said: "Our combined IT products and

services business achieved a significant landmark by recording revenue of $1.2 billion. Revenue from our IT Services businesses alone was $1 billion."

"During the year, we made significant progress towards our goal of being the preferred provider of comprehensive solutions for our customers; our focus on innovation was a key enabler for this. 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," he said.

"We will pursue this path relentlessly. Looking ahead, for the quarter ending June 2004, we expect our revenue from our global IT services business to be approximately $292 million," he said.

Vivek Paul, vice chairman, said: "Record volume growth coupled with an improving pricing environment

led to the third consecutive quarter of double-digit dollar revenue growth resulting in a 51 per cent revenue growth for the year. For the quarter, our technology business continued to rebound with 15 per cent sequential growth, while our IT business maintained its momentum with 8 per cent sequential growth."

"Service-line wise too, our differentiated services, such as technology infrastructure services, package implementation and business process outsourcing grew faster than the overall growth rate of our global IT services & products business. This broad-based business traction positions us well to grow in an uncertain environment. During the quarter, the Meta group has ranked Wipro among the top 10 global IT service providers in North American outsourcing market in its meta spectrum report," he added.

"Coming as it is on the back of other industry recognitions such as among the top 10 global IT players in the Forrester Wave for transformational capabilities in IT Outsourcing, it is a strong endorsement of our strategy."