Wipro IT services revenue grows marginally in Q3

Wipro Q3 revenue in 2016Technology outsourcing major Wipro said its revenues rose 6.4 percent to $2 billion, while net income fell 5.7 percent to $309 million in the third quarter ended December 31, 2016.

The Bangalore-based Wipro said its IT services revenue was $1,902.8 million, a sequential decrease of 0.7 percent and y-o-y increase of 3.5 percent.

Wipro generated profits of $355 million, a decrease of 1.3 percent y-o-y from IT services. IT services margins was 18.3 percent for the quarter, as compared to 17.8 percent for the quarter ended September 30, 2016.

“Our investments in Digital, BPaaS and cloud applications position Wipro as the partner of choice for the Digital businesses of our clients. Digital eco-system grew by 9.9 percent sequentially in the quarter and constitutes 21.7 percent of our revenues,” said Abidali Z Neemuchwala, chief executive officer of Wipro.

Wipro invested almost $1 billion in acquisitions, made 6 investments through Wipro Ventures, funded 8 ideas through Horizon program, and invested aggressively in cognitive platform, Wipro HOLMES and in localization strategy in the last year.

Wipro is significantly leveraging HOLMES, its automation suite to drive efficiency in its operations. The IT Services segment had a headcount of 179,129 as of December 31, 2016 from 174,238 in Q2 and 173,863 in Q1.

Wipro expects revenues from IT Services business to be in the range of $1,922 million to $1,941 million.

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