Now fourth-ranked India-based IT services firm Wipro just scraped in with prior guidance, seeing Q4 revenues (to 31st March) grow by 3% yoy to $1.59bn. As predicted (see Another muted quarter for Wipro) this set FY revenues at $6.22bn, 5% higher yoy, the lowest growth rate among major peers. Operating margins just kept their head above the 20% parapet, at 20.2% for the quarter and 20.7% for the year.
Like 'Bangalore Blues' neighbour, Infosys, Wipro is struggling to find meaningful growth (see Infosys limbos under the bar). Also like Infosys, I see the problem being more to do with direction than necessarily execution. But unlike Infosys, at least Wipro management is prepared to take a punt on current quarter's performance, for which growth is expected to remain subdued at around 5% yoy.
The last of the majors, Cognizant, reports in early May, after which you will be able to read our regular review of the India-centric IT services players – including their UK performance – in the next edition of OffshoreViews.