Wednesday, 22 July 2009

Wipro sees first signs of stability

(By Anthony Miller – Wednesday 22nd July 2009 9:15am). In the most optimistic statement so far from a major India-based SI, Wipro chairman, Azim Premji, signalled signs of returning stability, albeit in terms of ‘ramp downs’ (i.e. workload decline) starting to taper off. Nonetheless, even these guarded statements were more upbeat than Infosys CEO, Kris Gopalakrishnan: “We believe in the short term the global economic environment will continue to be challenging”. TCS CEO, S. Ramadorai talked of “a volatile and uncompromising environment“. Anyway, the trends in Wipro’s numbers looked pretty much in line with its archrivals at first blush; for example, IT services revenues grew 2.1% yoy in constant currencies vs 2.6% at Infosys. I’m about to go on the concall and will bring you more this afternoon, along with results from Tech Mahindra.

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