Bullish on the “existing market opportunity”, Wipro CEO Abidali Z Neemucchwala today said the company is confident of achieving its ambition of doubling its turnover to USD 15 billion by 2020.
“I am very confident about the company’s ambition (of doubling its turnover to USD 15 billion by 2020 because of the existing market opportunity. The way the market is panning out, and the investments the company is making and the structure and leadership factors it has been putting in place are being seen very positively by our customers and analysts,” he told reporters after announcing financial results here.
He added that the company’s investments, leadership and structure that it is putting in place has been received positively by its customers and analysts.
Neemuchwala said, “All these factors make me optimistic in the long-term … which is relatively higher in line with industry compared to right now.” “Right now,” Neemuchwala continued, “what we are seeing as a small incremental change in the growth rate, and we feel very confident of continuously going along this journey and demonstrated our clear understanding of executing our strategy … result wise also.”
Replying to a query, Neemuchwala said the company sees very good demand in communication and manufacturing sectors and that there is robust demand in the healthcare and life sciences sector.
However, there are certain headwinds in the hitech and telephone equipment segment, he added.
In terms of geographies, Europe is witnessing uncertainty because of Brexit, especially in the banking and financial sector, he said.
Also, there were some headwinds in the Middle-East in this quarter due to oil prices, Neemuchwala said adding that there was good traction in North America and Latin America.
“So, looking at the overall portfolio, there are areas where we are seeing good demand and we are able to capture that. There are areas which are seeing certain headwinds and that is why we adjust the guidance,” he said.
Asked when is the entire energy segment expected to stabilise in term of revenues for the company, Neemuchwala said it is very difficult to say when it would stabilise.