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Wipro's Management Presents At Credit Suisse Group Technology Conference (Transcript)

Stocks in this article: WIT

We had recently acquired oil and gas unit for both upstream and downstream revenues in oil and gas, huge potential from SAIC for about $155 million. That integration has gone well and they are looking at that acquired unit in terms of delivering results as you move forward, and also in terms of geo-expansion into some parts of Canada, Calgary, in LATAM, in Africa, and Middle East. So, it looks very promising, very good consultants we have. I think we will leverage that unit in terms of taking our Energy and Utilities Group, a vertical to the next level.

In terms of demand outlook, in terms of how the market is sticking at, we still think that there is no appreciable change of any slowdown or any change in customer behavior at this point in time. We are getting about 53% of our revenues from US, 28% from Europe, and about 10% each from India and Asia-Pacific, and that's from the rest of the world, including Japan. We are not seeing any difference in customer behavior neither delay in signing up contracts or any cancellations, etcetera, etcetera.

We did communicate in July that we had one customer who delayed the signing of contract by about four weeks in Europe and that was one incidence. And then in the October earnings call, our BFSI had communicated that, I mean to responding to your question that how do you see the budgets going forward the next year said there is no appreciable change. However, there could be couple of investment banking customers in the security space in the U.S. and couple of them in Europe could moderate a little bit in their projection for next year, but it's too early to comment, because none of them have finalized their budgets. The budgets have not been finalized across the verticals and we are looking at – we are positive, we are not seeing any pricing pressure, we are not looking at any ramp downs, we are not looking at lengthening up sales cycle. So, we are not seeing anything untoward in the market, which is supposed to reflect the macro level market challenges what we are hearing, barring today I heard that market has gone up because of (action) from federal government.

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