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Below is TBR’s commentary on Wipro ITS’ 4Q09 earnings. Please feel free to use the below content, or call/email for additional commentary.

Recovery appears to be taking shape, as Wipro IT Services (ITS) posted strong results, leaving revenue declines in the past. The organization’s close watch on its margins paved the way for positive top-line growth, which is in line with its India-based competitors (TCS and Infosys), and continued healthy gross and operating profits. TBR believes Wipro ITS will be one of the fastest IT service providers to recover due to its strong signs of improvement, including year-to-year growth in the majority of its verticals and geographies and all of its services lines (in U.S. dollar terms). And, finally, in what TBR believes to be a tell-tale sign of improved market conditions, the organization will reinstate wage increases starting in February.
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