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CHAIRMANS LETTER TO THE STAKEHOLDERS:
Over the last sixty six years, Wipro has built distinct businesses around the pillars of our entrepreneurial culture and strong leadership. To facilitate next level of growth aspirations for each of our businesses, we have demerged the 'diversified' businesses. This has resulted in Wipro Limited becoming a pure Technology focused company. I am confident that this demerger will enhance value for all our stakeholders and accelerate growth in each of our businesses, by giving them greater flexibility to meet their individual growth ambitions.
Globally, the macro–economic environment is delicately poised. On one hand, recent US economic development has been encouraging, while concerns remain on Europe and slowing growth in emerging economies like India. But this has in no way diluted the corporate mandate to pursue profitable growth. In fact, it has only made the mandate more critical and challenging, creating opportunities for us. Pursuing growth and profitability in an uncertain environment requires flexibility, dexterity and agility. Technology seems to be the proven answer to this challenge.
Over the years, Technology has evolved from being a desirable investment into an essential investment. Looking ahead, Technology is not just desirable or essential; it has become the vital success factor. Today, success in business is characterized by the depth at which a business embeds technology in their business model and business processes. It is this reality that drives our investment to build deep domain expertise, consultative skills to leverage Advanced Technologies and develop a comprehensive global footprint.
People are the heart of any business and in the case of the Technology business, people are more than the heart, they are its brain too. We will continue to invest in people and specifically for increasing the diversity of our employees to join and grow in our Wipro team. We are focused on building leadership as leaders multiply the value individual employees create and cement the bond within our organization.
Organizationally, our drive for sustainable profitable growth makes us look beyond financial performance to the impact our business has on ecology and society. We are pleased with our inclusion in the Dow Jones Sustainability Index and the international recognition that we have received from multiple agencies for our focus on sustainability.
For the fiscal year just completed, we achieved revenues of Rs. 377 billion in IT business and our continuing operations, recording a year on year growth of 17%. On this Revenue, Net Income was Rs. 61 billion, recording an annual growth of 17%.
To conclude, we believe that we have a fundamentally strong business that can adapt in a dynamic macroeconomic environment. We are willing to invest in business to attain leadership and play a facilitating role in our clients businesses. We have a clear strategy and are committed to its execution. We see high confidence levels in our leadership team and employees. I am personally confident that we are on a journey to build a strong, enduring and sustainable business. I would like to thank each and every one of youour customers, employees, shareholders, partners and supporters for your continued trust in building Wipro for this exciting future.