BFSI, tech clients spending more on cost-optimisation deals: Wipro chairman

Wipro’s clients in the banking, financial services, and insurance (BFSI) and technology sectors are putting money in cost-optimisation deals and reducing discretionary spending, said Rishad Premji, chairman of the IT services firm, on Wednesday.

BFSI is Wipro’s largest vertical and contributed nearly 35 per cent to total revenues in FY23. The technology sector contributed 11.4 per cent.

“The macroeconomic environment last year was challenging and continues to remain so even as the pandemic receded, the Ukraine war entered its second year and global interest rates continue to remain high. These factors have impacted client spending, especially towards the second half of FY23,” said Premji at the company’s 77th annual general meeting held virtually.