BANGALORE, INDIA: Wipro Limited posts Rs 908 crore net profit for the first quarter ended June 30, 2008-09 with a 25 per cent year-on-year growth. The company's revenues were at Rs 5967 crore for the same period with a growth of 43 per cent annual growth.

IT services revenue for the quarter was at Rs 4405 crore with a 39 per cent year-on-year growth. For the quarter ended June 30, 2008, IT Products business recorded revenues of Rs.750 crore, representing a growth of 44 Year-on-year. IT Products business accounted for 12.5 per cent of the revenue and 2 per cent of the PBIT for the quarter ended June 30, 2008.

Commenting on the results, Azim Premji, Chairman of Wipro said, "We have had another satisfying quarter. Revenues from our IT Services were $1,067 million for the quarter, ahead of our guidance of $1,060 million. In the backdrop of significant economic uncertainty, our Financial Services and Retail businesses demonstrated their resilience."

"We had strong growth in our differentiated Service lines like Testing, TIS and BPO. Our strategy of focusing on MEGA/GAMA accounts is delivering results with top customers growing ahead of company average. We improved on several of operational parameters during the quarter. Given the environment, we remain cautious in the near-term. Looking ahead, for the quarter ending September 2008, we expect our Revenue from our IT Services business to be approximately $1089 million", he added.

The company had 95,675 employees as of June 30, 2008, which includes 74,838 employees in our IT business unit and 20,837 employees in our BPO business unit.

Suresh Senapaty, Chief Financial Officer of Wipro, said, "During the quarter ended June 2008, we were able to sustain margins in spite of Restricted Stock Units grants. Rate Realization and Utilization improved sequentially by 300 basis points and 50 basis points respectively. We have won 7 multi-year multi-million dollar deals and added 31 new customers during the quarter. We added another customer to our $100 million customer list."

The company said that they have added 31 new clients during the quarter, of which 4 were Global 500 or Fortune 1000 companies.