Bangalore: Falling below market expectations, IT major Wipro Limited on April 17 reported a seven per cent dip in its net profit at Rs 820.5 crore for 2002-03 over Rs 885.4 crore in the previous year.

But the Bangalore-headquartered, New York Stock Exchange-listed company reported a 24 per cent rise in its revenue at Rs 4,338.3 crore during 2002-03, up from Rs 3,492.6 crore during the previous fiscal.

Wipro attributed the lower profit to loss in Wipro GE Medical Systems, investment in sales and marketing and lower price realisation contributing to decline in operating margin.

Wipro corporate executive vice-president Suresh Senapathy told reporters that the company lost Rs 37.1 crore on account of its share in losses in Wipro GE Medical Systems Ltd, its joint venture in medical systems.

Losses of Rs 7.3 crore in energy and utilities consulting division acquired from AMS Inc, increase in sales and marketing expenditure and a minor loss due to Rupee appreciation added to fall in profits, Senapathy said.

It reported a revenue of Rs 1,237.7 crore during the fourth quarter ending March 31, 2003, a 32 per cent rise over Rs 927 crore reported during corresponding quarter last year.

Net profit stood at Rs 225.4 crore, up by 2.5 per cent over Rs 220 crore recorded during fourth quarter of 2001-02.

"We expect our revenue from Wipro Technologies and Wipro Spectramind to be approximately $ 172 million and $ 16 million respectively," Wipro Chairman Azim Premji said on the outlook for the first quarter between April and June 2003.

PTI