Wipro today said that it will meet its quarterly revenue guidance.
Talking to reporters on the sidelines of CII’s Annual CFO Conference, Suresh Senapaty, Chief Financial Officer, Wipro, said the company will grow revenues of $1.56–1.59 billion for the third quarter as it had forecast. This translates to a 1.3–3.2 per cent growth when compared to the second quarter.
Further, this is in line with analyst expectations who expect a 1-4 per cent growth for Wipro in the third quarter. “We gave our guidance in the beginning of the quarter and whatever we have guided for holds,” said Senapathy.
According to analysts, the company has been able to maintain its pricing against peers despite giving wage hikes. The impact on EBITDA was lesser by 31 basis points or 20.1 per cent of its revenues. A basis point is 1/100th of a percentage and is used to measure differences between percentages.
However, Senapaty maintained that with volatility in the global economic scenario, a lot of decision happens over a weekly basis as compared to long-term decisions that were the norm before the economic crisis. Others such as Infosys are also seeing prolonged decision making when it comes to awarding outsourcing contracts as its clients are grappling with a slowdown in the US and Europe.