The company has diverse interests in software, hardware, consumer care and lighting and fluid power. During 1999-2000, Wipro achieved a turnover of Rs 2372 crore at a net profit of Rs 248 crore.

The rating factors in the strong cash accruals by the company mainly from its software business and favourable industry outlook in its key growth area software services. The reduction on gearing following prepayment of most of its term liabilities, strong liquidity and financial flexibility derived from its large unutilised bank limits was also taken into account, ICRA said in a statement here.