Bangalore: Information Technology (IT) bellwether Wipro looks at Research and Development (R and D) services and the Indian IT market as drivers for growth, even as its booming global IT business helped the company breach the $ one billion mark in IT last fiscal.

"The past year has demonstrated that the R and D services business is an outstanding growth driver for Wipro. It was particularly satisfying to see that our Telecom OEM practice, which bore the brunt of criticism during the slowdown, led our growth with a 53 per cent year on year growth," Wipro chairman Azim Premji said in the annual report for 2003-'04.

Asserting that Wipro's faith in its mix of business, like R and D services, has been vindicated by robust growth in every business, he said, "This mix of our business is indeed strength that we will continue to nurture."

Expressing optimism on its India focused business, Premji said it made significant contribution to Wipro's growth and "the smart growth in revenues in these businesses was accompanied by an improvement in the operating margins".

"What is happening in India today, happens rarely in the life of a nation. India is at a tipping point. With our leadership status in IT products and services in India, and successful consumer and industrial brands, we are positioned to leverage on this transformation and create substantial value," he said.

The NYSE-listed Wipro reported revenues of Rs 5,881 crore and a net profit of Rs 1,031 crore during 2003-'04.