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Abidali Neemuchwala says Wipro delivered and executed well in Q4, sees robust demand in BFSI space

Updated : April 16, 2019 11:53:28 IST

After reporting a 38.4 percent growth in net profit at Rs 2,493.9 crore in the March 2019 quarter, Abidali Neemuchwala, chief executive officer and executive director, Wipro on Tuesday said the company has delivered and executed well in the fourth quarter and is seeing robust demand in banking, financial services and insurance (BFSI) space going ahead.

The Bengaluru-based company said its revenue from operations - under IND AS accounting norms - grew 8.9 per cent to Rs 15,006.3 crore in the period under review from Rs 13,768.6 crore in the year-ago period. Its net profit stood at Rs 1,800.8 crore in the January-March 2018 period.

Neemuchwala said, "Wipro had some very good order booking in Q3 and Q4 of FY19 for which revenues will get converted into FY20, so I do believe that we will see a pick up from Q2 onwards."

Bhanumurthy BM, president and chief operating officer, said, "If you look at our BFSI growth, the whole of last year, BFSI has been a good growth driver for us. It has shown good momentum and it is a big size business for us as well. Going into the next year, if I look at all the investments that we are making, they are all very relevant for that sector. The investments typically around digital, cloud, cyber and the engineering services side are very important for that sector."

Jatin Dalal, chief financial officer, said, "Our first priority will remain revenue growth. In our business, revenue growth is the first step and margin expansion is the second step. So, revenue growth focus would be the key. Therefore, we remain invested and we have planned incremental investments in our big bets. We also have planned salary increases in Q1 for the whole company and both will have downward pressure on the margins for Q1. Having said that, you have seen the operating execution rhythm that we have been able to establish over the previous few quarters and one would really want to not let go of that and continue to work on margins through the year, that is the game plan."

Saurabh Govil, chief human resources officer, said, "Our salary increases cycle is effective June 1 every year. We haven't decided what will be the exact band of increases for our onsite and offshore employees. However, I must say that it will be in-line with the industry. We need to make sure we recognise, ring fence our critical employees and reward the employees, so we will be doing that. Closer to the date, we will make a formal announcement in terms of the approach we are taking for the salary increases this year. Hiring remains extremely robust. Our campus hiring in India is going to become 2x of what we did in the last fiscal. So, we are doubling the campus hiring. "
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