Bengaluru-based IT Services provider Wipro Ltd on Thursday, July 24, announced that it has won a multi-year strategic contract from Saudi electric company National Grid SA to modernise the client’s meter data platform
Wipro will implement a smart meter data management (MDM) system for the transmission network. The IT services company will design, develop, implement, and support the infrastructure and smart applications for the new MDM system that will result in improved grid stability, according to a stock exchange filing.
The intelligent integrations will support proactive maintenance, faster fault identification, and enhance visibility of energy usage patterns. This will allow National Grid SA to optimise its power dispatch, reduce operational costs, and minimise outages, leading to optimal experiences for the end user.
Q1 results
The company reported its results for the June quarter after market hours on July 17. Wipro’s revenue in constant currency terms declined 2% sequentially, which was in line with expectations and at the mid-point of the guidance of -3.5% to -1.5%.
Wipro’s margins improved during the quarter to 17.5%. Meanwhile, total bookings increased by 24.1% from the last quarter to $4,971 million.
Shares of Wipro’s American depositary receipts (ADRs) climbed nearly 4% on Wall Street after the IT firm posted results that met expectations and reported a healthy uptick in deal wins.
Global brokerage Morgan Stanley on July 18 said Wipro shares will re-rate further, following the company’s decent performance in the June quarter. Morgan Stanley maintained an ‘equal-weight’ rating on Wipro and raised the target price from ₹265 to ₹285.
Shares of the company closed flat at ₹261.90 on the BSE today (July 24).
