Wipro, a leading technology and services consulting company, said its growth strategy would focus on winning large deals by expanding its market share of the $200- and $300-million accounts.
Addressing the annual investors day virtually, the company’s CEO & MD Thierry Delaporte, outlined his vision of ‘New Wipro’ which would outpace market growth by being ever more connected, agile, proactive and problem-solving for its clients. Pointing out that Wipro’s annual revenue rate had surpassed $10 billion, Delaporte said of that run rate, $2.4 billion was added just in the last 12 months.
Key markets growth
He said that the recent growth was made possible by prioritising key markets and doubling down on investments. “4 out of 7 sectors in Americas grew by five per cent Compounded Quarterly Growth Rate across last four quarters. Four out of eight European countries such as Germany, Switzerland and Benelux is growing significantly faster over the past four quarters and that too organically,” he added. The company CEO said that APAC, Middle-East and Africa which were degrowing markets for Wipro in the past, have started showing positive growth again.
Outlining reasons for the spurt of growth over the last year seen by the company, Delaporte said it was made possible by focussing on relationships with strategic clients, proactively winning larger transformation deals and continuing inorganic growth with strategic acquisitions and mergers. Wipro said that its top 10 customers grew at 33 per cent year-on-year ahead of the company’s growth. “We added four more $100 million accounts, and $50 million accounts have gone from 39 to 54. Also, 80 per cent of $30 million plus deals were in strategic accounts. This is significant and sustainable growth.”
Highlighting strategic partnerships Wipro has with hyper-scalers like AWS (Amazon Web Service), Microsoft, Google, Salesforce, SAP, ServiceNow he said the company was co-investing, co-innovating and co-creating with them in areas like Cloud, AI, ML, industry-specific digital solutions and cloud-native architecture.
He said the total Contract Value of large deals had grown by 80 per cent in the last year. On the question of M & A deals, the company said the focus would be on areas of cloud, cybersecurity, engineering in priority sectors and specific geographies.