Wipro gains on winning a five-year contract from Fortum

chinmayee d
·1-min read

A leading global IT company, Wipro Limited announced on Tuesday that it has been awarded a five-year contract of Application Management (AMS) and Services Integration & Management (SIAM) from one of the leading clean-energy companies, Fortum, based in Finland.

As a part of the contract, Wipro will manage Fortum’s application portfolio across hundreds of applications for more than 11,500 users from 18 countries and provide 24-hour support for business-critical applications.

Leveraging on Wipro Holmes, the company’s artificial intelligence and automation platform will enable process automation for the enhanced end-user experience. Moreover, Wipro will help Fortum to consolidate and govern its multi-supplier eco-system using its (SIAM) transformation solution.

On the financial front, the company’s consolidated revenue for Q2FY21 stood at Rs 15,114.5 crore, which increased by 1.4 per cent sequentially from Rs 14,193 crore in Q1FY21. Operating margin for Q2FY21 came in at Rs 3,437.7 crore, which increased 7.8 per cent on a sequential basis, as against Rs 3,188.7 crore that it recorded in Q1FY21. The company’s consolidated profit after tax increased 3.1 per cent QoQ to Rs 2,465.7 crore in Q2FY21 from Rs 2,390.4 crore in Q1FY21.

As for the quarter ending December 31, 2020, the company expects its IT service business to record a sequential growth between 1.5 per cent and 3.5 per cent.

At 11.28 am on Tuesday, the stock of Wipro was trading up by 1.09 per cent at Rs 347 on BSE.