Even as fears of an impending slowdown in Europe and the US have spooked the Indian IT landscape, the country's third-largest software major Wipro defied the odds, managing to grow in line with expectations. Chief executive TK Kurien tells HT about the road ahead.
How has the reorganisation affected Wipro's results?
This was really the first quarter after the reorganisation and there are a couple of things that went well and a couple that did not. Our core momentum verticals such as BFSI (banking, financial services and insurance) and energy and utilities verticals have grown very well. Some others such as telecom and BPO have not done as well.
The industry is concerned about a possible slowdown in Europe and the US. How are you coping with it?
These remain significant markets and contrary to what the popular perception is, some of the fears are misplaced. There are still opportunities in some of these markets and it would be incorrect to say they are saturated. However, going forward, West Asia and Asia Pacific will be the engines of growth.
What about attrition?
We have managed to get a hang on that and proof of that is a 5 percentage point reduction in our attrition rate in the last quarter. We also hired 4,105 people during that period and there are 1,26,490 people working with us now. Going forward, I would expect the same trend to continue and attrition should not be a major headache.