Wipro Ltd’s run of sluggish growth continues, with the company reporting year-on-year growth of merely 3.3% in constant currency terms for the December quarter. Last week, Infosys Ltd reported growth of 9.5%, and average growth of the top three companies in the industry is estimated to be around 9%.
Growth in Wipro’s key banking, financial services and insurance unit stood at only 1% on a year-on-year basis. The company has a relatively higher exposure to clients facing troubles in this segment, which is reflected in the poor growth.
Revenue from the company’s top client, which has been another trouble spot for Wipro, has come down further to 3% of total revenues. In the year-ago period, the top client had accounted for 3.7% of revenues. This implies a sharp drop in revenues from the top client.
News & Pic Credit - LiveMint
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