DQ Top 20 2018: Rank #4 Wipro

DQ Estimates Revenue (Rs Crore)

For the year 2016 to 2017 : 55,417

For the year 2017 to 2018: 54,636

Decrease of 1%

 

Wipro ended FY 18 with a marginal decline in top-line revenue. This in a way signifies the tough market conditions. While IT Services segment revenue was $8,060.2 million, an increase of 4.6% YoY the non-GAAP constant currency IT Services segment revenue grew 2.9% YoY. IT Services Margin for the year was 16.8%. Net Income was `80.1 billion ($1.2 billion), a decrease of

5.7% YoY.

Company sources say that it continues to make progress in its client mining, with a number of clients contributing revenues over $75 million increasing from 17 to 20 during the quarter (Q4). Its investments in Wipro HOLMESTM and its automation suite are resulting in consistent productivity improvements.

Reflecting on the results Abidali Z. Neemuchwala, CEO, and Member of the Board said – “Our investments in Digital and our efforts in client mining are paying off well. Our strong order bookings in the last two quarters provide us the right foundation to grow as we progress through the year.”

Looking at the key segments, in IT Services Wipro signed a definitive agreement to divest Wipro’s hosted data center services business to Ensono, a leading hybrid IT services provider, for USD 405 million. Wipro will unlock value by transitioning eight data centers and over 900 employees of its hosted data center services business to Ensono. As part of the agreement, Wipro will make a strategic investment of USD 55 million in Ensono’s combined entity.

Meanwhile, the company continued its momentum in winning large deals globally, significant ones like a leading North American healthcare technology company has chosen Wipro as a strategic partner to help enhance its services and solutions, consolidate operations and grow the scale and scope of their offerings.

Leveraging the Wipro HOLMESTM platform, Wipro will implement digital solutions that harness the power of cognitive computing, machine learning, and hyper-automation. This engagement will help the client address the emerging needs of the industry as they work towards enabling a more value-based healthcare system.

Wipro also clinched a multi-year infrastructure transformation deal in the Securities & Capital Markets domain from a global financial services firm. The deal encompasses hybrid cloud management services, workplace services, cybersecurity operations, and cloud-enabled transformation and will standardize and modernize IT operations across the client’s lines of business.

The company’s Digital revenues also saw good traction. A North American healthcare company has chosen Wipro as its digital transformation partner to digitize and improve its partner experience to take advantage of the evolving business models in the healthcare industry.

In terms of accolades, Wipro was recognized as the leading AI Partner for 2017 by Intel Corporation at the Intel AI and HPC Ecosystem Summit 2018, for driving transformational outcomes for clients, by leveraging solutions powered by Wipro HOLMESTM and Intel’s AI-optimized hardware platforms.

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