Wipro Q2: Energy and utilities segment reports highest revenue growth

BANGALORE: India 's third-largest technology services company Wipro said the energy and utilities segment reported the highest growth among all its verticals in the second quarter. The segment grew 8.4% sequentially and 15.5% from last year.

Wipro had acquired the energy technology business of Science Applications International Corporation last year for Rs 675 crore. Energy and utilities now contributes 15% to Wipro's revenues.

The financial solutions vertical, which includes banking, financial services and insurance sectors, accounted for 27% of its overall revenues during the second quarter ended September 30. On a sequential basis, financial solutions reported a 4% growth.

The global media and telecom vertical, which accounts for 14.4% of the Bangalore-based company's overall revenues in the just ended quarter, reported a 1.3% decline on a quarter-on-quarter basis.

While manufacturing reported a 0.5% decline, business from healthcare and life sciences vertical dropped by a 4.4% during the quarter.

Wipro, which reported second-quarter IT services revenues of Rs 8,373 crore, said it won a multi-year transformation deal from one of the large retail departmental store chains in the US during the quarter. Its retail vertical grew 1.4%.

The company added 53 new clients during the quarter. As of September 30, the IT services segment had 140,569 employees.

With several large banks in the US and Europe cutting down on their technology spends, analysts had expected Wipro's financial services vertical to report flat numbers. On a yearly basis, Wipro's financial solutions vertical grew 4.1%.

"We have delivered revenues in line with our guidance and are continuing to see consistent improvement in our engagement with customers and employees," TK Kurien, CEO of Wipro's IT business, said in a statement.