Wipro Reports Steady Financial Services Growth in Q3
India-based IT services company Wipro has reported its highly anticipated set of results for the quarter ended December 31, 2018. The software giant, whose financial services revenues plateaued in the past year, was expected to report revenue growth from its financial services segment around 1.7%. The actual reported revenue was 1.8%, with Wipro highlighting one major deal with a “global financial services” company, signed during the quarter.
While this is good news for the company, growth in financial services is still slow and hard to come by for the Indian software integrator. Wipro, which is in the midst of executing its turnaround strategy after reporting stagnating revenues in 2018. Under CEO Abidali Neemuchwala, Wipro is in the process of repositioning itself as a digital transformation company, in an effort to grow its market share in the BFSI segment, among others. The current set of results that growth is steady, but isn’t a significant improvement on Q2.
The company expects revenue from IT Services business for Q4 to be in the range of $2.02 billion to $2.06 billion. Comparable revenue excluding India PSU and India Government business for the quarter ended September 30, 2018 was $2.01 billion. This translates to sequential growth outlook of 1.0% to 3.0%.