Bangalore, Apr 23 (IANS): Wipro Ltd Friday projected higher revenue growth from its global IT services business for the first quarter (April-June) of fiscal 2010-11 following a strong growth in the fourth quarter (January-March) of fiscal 2009-10.

"With the business environment returning to normal, we expect revenue from our IT services business to be around $1.2 billion in the first quarter (Q1) of this fiscal (FY 2011)," Wipro chairman Azim Premji said in a statement here.

Recovering from the impact of global tech meltdown, the IT bellwether achieved projected revenue of $1.17 billion in the fourth quarter (Q4) of last fiscal (FY 2010), posting 11.5 percent growth year-on-year (YoY) and 3.5 percent sequentially (quarter-on-quarter), as per the International Financial Regulatory Standard (IFRS).

"We have seen another strong quarter of broad based, volume-led growth. We also saw good recovery in our challenged verticals of technology and telecom," Premji said.

In rupee terms, IT revenue for Q4 grew by seven percent YoY to Rs.52.6 billion (Rs.5,260 crore) and earnings before interest and tax (EBIT) grew by 20 percent YoY to Rs.12.72 billion ($283 million).

"We had a satisfying quarter and delivered close to the upper end of our guidance in constant currency ($1.18 billion)," said Wipro Chief Financial Officer Suresh Senapaty.

The company posted net profit of Rs.12.09 billion (Rs.1,209 crore) for fourth quarter of FY 2010, registering 21 percent growth YoY and total revenue of Rs.69.83 billion (Rs.6,983 crore), up by eight percent YoY, as per the Indian accounting standard.

Under the IFRS, net income for the quarter (Q4) was $269 million and total revenue $1.6 billion.

"We had driven up margins by 60 basis points despite headwinds of wage increases, rupee appreciation and the impact of cross currency," Senapaty noted.

For entire fiscal (FY 2010), net profit grew by 18 percent YoY to Rs.45.93 billion (Rs.4,593 crore).

Total revenue, however, grew six percent YoY to Rs.271.24 billion (27,124 crore), as per the Indian accounting standard.

Under IFRS, net income for FY 2010 is $1.02 billion and total income $6.03 billion).

IT revenue for entire fiscal (FY 2010) is $4.39 billion, an increase of 1.6 percent YoY and 1.8 percent in constant currency under IFRS (dollar terms) and Rs.202.49 billion (Rs.20,249 crore) in rupee terms, representing six percent increase YoY.

The IT services business (Wipro Technologies) added 27 clients during the fourth quarter (Q4), taking the total number of client addition new to 121 for entire fiscal as against 110 in the previous fiscal (2008-09).

The IT services division made a net addition of 5,325 employees during the quarter under review (Q4), taking the total number to 108,071 for the fiscal under review (FY 2010).

The company also decided to reward its shareholders with a bonus issue in 2:3 ratio - two additional shares for every three shares.

"The bonus shares will be issued after shareholders' approval at the company's annual general meeting in July," the company said in a statement.

As Wipro chairman, Premji alone holds about 80 percent of the blue chip firm's shares whose par value is Re.1.

The board of directors also recommended a final cash dividend of Rs.6 per share at par value of Re.1, which will be paid after shareholders' nod at the company's Annual General Meeting in July.