Wipro has both celebrated customers’ use of offshoring for its positive impact on its finances and suggested the concept may have been made obsolete by the pandemic-induced surge in working from home.
The Indian services giant yesterday reported its fastest growth in nine years, with Q3 revenue [PDF] of $2.1bn, of which $2.071bn came from IT services, the latter at a sequential growth of 3.9 per cent. Margins for the segment hit 21.7 per cent, the best in 22 quarters. Net income reached $406m, a year-on-year increase of 20.8 per cent.
Company president and CFO Jatin Dalal said the mix of work Wipro performed in pleasingly low-cost offshore locations, as opposed to in customers’ home nations, “has improved by approximately 6 percentage over the course of last four quarters.”
Customers seem to like it: across the quarter the company closed a dozen deals valued at ...
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