Wipro IT revenue reaches $2.02 bn in Q1 2018-19

Wipro said IT Services segment revenue dipped 1.7 percent sequentially and rose 2.8 percent year on year to $2.02 billion in Q1 fiscal 2018-19.

Wipro, one of the leading software exporters in India, was silent about the growth strategy and clients wins in digital space.
Wipro at MWC 2018
IT services margin for the quarter at 17.2 percent includes a gain of $36.9 million from the sale of hosted data center business in the quarter ended June 30, 2018.

Wipro said its revenue from IT Services business will be in the range of $2.009 billion to $2.049 billion in the second quarter of fiscal 2018-19.

Wipro has generated 30 percent of the total revenue from Banking, Financial Services and Insurance, 5.6 percent from Communications, 16 percent from Consumer Business Unit, 12.5 percent from Energy, Natural Resources and Utilities, 13.4 percent from Health Business Unit, 8.3 percent from Manufacturing and 14.2 percent from Technology segments.

Americas contributed 54.9 percent of the total revenue of Wipro, while 10.9 percent came from Asia Pacific and Other Emerging Markets, 25.6 percent from Europe and 8.6 percent from India & Middle East business, Wipro said.

Wipro has increased its employee base to 164,659 in Q1 2018-19 from 163,827 in fiscal 2017-18.

“We have seen pickup in spending in the developed markets, particularly in North America and BFSI. Our investments in Digital continue to help us build differentiation in key industry segments, which is resulting in a consistent improvement in our client metrics,” Abidali Z. Neemuchwala, CEO of Wipro, said.