Dear Shareholders, On behalf of the Board of Directors, I am happy to present the 65 th Directors’ Report of your Company along with the Balance Sheet and Profit and Loss Account for the year ended March 31, 2011. Financial Performance Key aspects of consolidated financial performance for Wipro and its group companies and standalone financial results for Wipro Limited for the financial year 2010-11 are tabulated below: (` in Mn) Consolidated Standalone 2010-11 2009-10 2010-11 2009-10 Sales and Other income Profit before Tax Provision for Tax Minority interest and equity in earnings/(losses) in affiliates Profit for the year* Appropriations Interim Dividend Proposed Dividend on equity shares Corporate tax on distributed dividend Transfer to General Reserve Balance retained in Profit & Loss account 316,938 276,505 269,038 237,887 62,348 55,095 57,055 56,888 9,695 9,163 8,618 7,908 in fair value of forward contracts designated as hedges of net investment in non-integral foreign operations, translation of foreign currency borrowings and changes in fair value of related cross currency swaps together designated as hedges of net investment in non-integral foreign operations. In the consolidated Accounts, these are considered as hedges of net investment in non-integral foreign operations and are recognized directly in shareholders’ funds. (Refer note 6 on page 112) Global and Industry outlook According to NASSCOM Strategic Review 2011, IT spend in 2011 is expected to grow about 4%. It is expected that in 2011, there will be increased use of Cloud and Mobile Computing. IT Services is expected to grow by about 3.5% in 2011 and 4.5% in 2012. Organisations will look for alternative IT models like Cloud, On-demand Services, SaaS, etc, – in order to reduce hardware infrastructure costs and achieve scalability on demand. The Forrester US and Global IT market Outlook Q3, 201011 predicts that U.S. IT market will... [continues]
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