Wipro Limited (



F4Q11 Earnings Call

April 27, 2011 09:15 a.m. ET


Sridhar Ramasubbu - VP, IR

Azim Premji - Chairman

Suresh Senapaty - Chief Financial Officer, Executive Director

T.K. Kurien - Chief Executive - IT business

Martha Bejar - President, Global Sales and Operations

Saurabh Govil - Senior VP, Human Resources

Manish Dugar - CFO

Bhanu Murthy - SVP Retail

Anand Padmanabhan - SVP Energy & Utilities

Soumitro Ghosh - SVP Financial Solutions


Joseph Foresi - Janney Montgomery Scott

Trip Chowdhry - Global Equities Research

Nabil Elsheshai - Pacific Crest Securities

John Crowther - Piper Jaffray

Rick Eskildsen - Wells Fargo

Swami Shanmugasundaram – Morningstar

William Maynard - Citi


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Ladies and gentlemen good day, this Rochelle and I will be the moderator for your conference call. Welcome everyone to the Wipro Fourth Quarter Earnings Conference Call for the period ending March 31


, 2011. (Operator instructions) At this time I would like to turn the conference over to Mr. Sridhar Ramasubbu thank you and over to you.

Sridhar Ramasubbu

Thanks Rochelle. Good day, and on behalf of Wipro team a very warm welcome to all of you. This is Sridhar and I am join by Rajendra and Aravind from IR team in India. Regarding the materials for this call, we issued the press release yesterday late night EST and we will have time for Q&A at the end.

We have with us today Mr. Azim Premji, Chairman; Mr. Suresh Senapaty, CFO who will comment on the IFRS results and key takeaways for the quarter and year ended March 31


, 2011. They are joined by our CEO for IT business T.K. Kurien and other senior members of Wipro management team who will be happy to answer your questions.

As always, elements of this call and the management’s view may be characterized as forward-looking under the Private Securities Litigation Reform Act, 1995, and are based on management’s current expectations and are associated with uncertainty and risks which could cause the actual results to differ materially from those expected. These uncertainties and risk factors have been explained in detail in our filings with Securities Exchange Commission in the US.

We do not undertake any obligations to update forward-looking statements to reflect events or circumstances after the date of filing thereof. The call is scheduled for an hour. The presentation of the Q4 and FY ’11 results will be followed by Q&A. The operator will walk you through the Q&A process. The entire earnings call proceedings are being archived and transcripts will be made available after the call at our company’s website. Replay of today’s earnings call proceedings will also be available via telephone post the call.

During this call, I am also available on email and through mobile as well to take any questions and table it to the Wipro team, in case you are unable to ask questions for any technical reasons.

Ladies and gentlemen, over to Mr. Azim Premji, Chairman, Wipro.

Azim H. Premji

Good day to all of you. Let me quickly cover some of the highlights of Wipro Corporation results before I get into some of the (inaudible). Wipro recorded revenues in financial year on ’11 of Rs. 311 billion a year-on-year growth of 15%. Net income crossed Rs. 5,000 crores in financial year ’11 which is a year-on-year growth of again 15%.

IT services business cross revenues of $5 billion in financial year ’11. Let me talk a little bit about the IT business.

We have made several organizational changes this quarter with a clear objective to satisfy the organization and make – to simplify the organization and make us leaner, more agile and more customer centric. We have moved to a single P&L axis which is the industry vertical. For our mature markets we have reorganized our sales team around the business units, to create impact with the customers the sales team needs to combine our domain skills and solution sets with the client’s needs in an effective ongoing manner. The alignment of the sales team in the business unit would enable better account penetrations.

As we continue to play in an increasingly complex world and an increasingly more competitive world, where macro economic cycles are shorter and more volatile. We experience this firsthand with the speed with which recession hit us in 2008, and equally quickly the environment improved in June ’09. We believe, we are significantly better positioned today with the changes we have made to react faster to this dynamic environment and more importantly to offer solutions to our clients to enable them to be more adaptive enterprises.

As we look out into financial year ’12, the demand environment seems more stable and predictable and discretionary spent has picked up. CIO budgets are realigning with the business influencing more and more of the spent. This presents more opportunities of an integrated solution of IT, BPO and TIS as customers are investing not only in improving operational efficiencies, but also in revenue enhancement and new product introductions.

Our key areas of strategic focus are, customer satisfaction through excellence in delivery, two, deeper client mining with full services capability, we continue to invest on a prioritized basis in our growth accounts through our MEGA/GAMA account strategy.

Three, investment priority in our momentum verticals namely BFSI, healthcare, energy and utilities and RCTG, as well as key emerging geographies particularly India, EPEC, Australia and Latin.

Four, six SBUs and six service lines are in place, sales engines are being ramped up. Next, superior employee satisfaction through monetary and non-monetary interventions. To prepare ourselves for the next wave of customer spent we are investing heavily in three key areas which include analytics, we have recently announced this as a separate and dedicated service line. Mobility, we’ve created a dedicated practice and cloud and treat cloud particularly on the process and software there with a focus on platform BPO.

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