Tech »  Topic »  Offshoring is kind of over, says Wipro, as financials surge thanks to offshoring

Offshoring is kind of over, says Wipro, as financials surge thanks to offshoring


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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