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Wipro sees big opportunity in India, China

Source: PTI
June 04, 2009 16:45 IST
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With the economic downturn continuing in western markets, India's third largest software exporter Wipro is seeing opportunities in the domestic market in a big way.

"Given the kind of spend that is happening and that will happen even in India and China, there will be big opportunity. So, it is not either or situation but because we have already been focused here and we have already a good network from a marketing execution point of view.

"We have been concentrating on India, the Middle East and Asia Pacific market for several years and that is helping us now," Wipro CFO Suresh Senpathy told PTI.

Today from the global IT spend point of view, US and Europe would account for about 75-80 per cent but at the same time spends in the Middle East, India and Asia regions are going up. This configuration would be totally different by 2020, he said.

NYSE-listed Wipro currently draws modest revenues of about $1 billion from the domestic market. As per the company's latest results, it drew $1.1 billion from India and the Middle East markets.

Azim Premji's company bagged the largest contract from the government of India to automate healthcare administration, benefiting millions when it won a Rs 1,182 crore (rs 11.82 billion) e-governance contract from Employees' State Insurance Corporation recently.

Wipro posted a 25 per cent growth in total annual revenues in 2008-09 at Rs 25,544 crore (Rs 255.44 billion)  and a 19 per cent rise in net profit at Rs 3,899 crore (Rs 38.99 billion).

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