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Thursday 13 January 2022

Wipro on tack for a $10bn year

LogoThe pace of expansion at Wipro continued at a fast clip during Q322. The three months ending 31st December saw revenues surge ahead by 28.5% yoy at constant currency to $2.64bn. This made it the company’s fifth consecutive quarter of strong turnover growth. Operating margin for the period eased back a scooch qoq to 17.6%.

The $1.45bn purchase of Capco which completed last summer once again played a material part in the top line performance. The acquisition helped to fuel both a near yoy doubling of Wipro’s  Financial Services Sector sales and a 38% yoy jump in European revenues. There were, however, also noteworthy advances made in the Consumer, Technology and Communications vertical units where turnovers rose by 38%, 22% and 27% respectively. Firm-wide underlying organic growth was once again above 20% yoy in Q322.

The acceleration in staff churn which has been afflicting all the top tier IPP’s of late gathered pace for Wipro during the last three months of 2021. Having jumped from 15.5% to 20.5% in Q2, voluntary staff attrition at Wipro worsened again to 22.7% during that last quarter. That said, the company still managed to grow its headcount by over 10,000 personnel between October and December.

Looking ahead, Wipro expects Q4 revenue will be in the range of $2.692bn to $2.745bn. Even if only the low end of the guidance is delivered, then the company will pass to the $10bn annual sales milestone. This significant achievement appears all but assured.

Posted by: Duncan Aitchison at 07:25

Tags: results   offshore   systemsintegration  

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