which is around developing solution platform for their autonomous vehicles and an advanced driver assistance system. This kind of project involves platform design and development, automation, artificial intelligence and those kinds of things. Even on an account level, we are able to avoid the seasonality because we are cross-selling and up-selling better through higher farming mine site. So we are doing both -- Staggering those renewals and deals as well as reducing our dependence on single service line in that account so that when the annual productivity comes in, we see a dip in revenues from the account. Sandeep Shah: Just in terms of order book, you mentioned that there is a strong order book in fourth quarter. Can you give some color in terms of any YoY growth number or QoQ growth number? And you also alluded that there would be some delay in the projects in the 1Q. So what is causing this delay and is it in one or two segments or one or two clients or it is more widespread? Jatin Dalal:Sandeep, order booking momentum has remained robust and we have had closer to double-digit growth. But at the same time we have seen few instances where deals that would have got signed in Q4 have now got pushed to Q1. So it is a little mixed environment but we remain on large component of our business, the order booking does give comfort and that is what we have highlighted in Abid’s opening remark. Sandeep Shah: What is causing this delay in start-off projects – is it more macro related or is it maybe aberration which may…? Abidali Z. Neemuchwala:It is a mix. There were a couple of deals in the banking space where given some of the volatility that happened towards end of the year and early beginning of this calendar year, the
Wipro LimitedApril 16, 2019 Page 7 of 16 customer wanted to take a little more time. Some of this is just a timing issue because lot of our digital work comes as projects and sometimes while the first phase of the project gets over, the customer does not immediately sign the next phase which in a very stable macro environment could have happened immediately, sometimes system has delayed a little more. In one of the cases where we were supposed to start a deal after winning the CIO change over there and there is a little time till the new executive gets comfortable and we can start. So there is no pattern but there are just a few such areas in different parts of the business which have had little impact to keep the Q1 guidance softer as we see it right now. Sandeep Shah: Just last question, Jatin, just wanted to understand, if I look at the recurring margin or excluding some of the one-offs, the margin looks close to around 19.2 for the IT Services. So how are we looking in terms of the margin band going forward because you might have juiced out many of the levers on the margins or you believe still there is upside potential entering FY’20?
- Spring '16
- Revenue, Wipro Limited