BIG win for Azim Premji as Wipro bags multi-year deal from...; to design...

Azim Premji, Indian tech magnate who founded IT firm Wipro, continues to expand his business empire. Now, his IT major has secured a multi-year strategic contract from Saudi Electricity Company (SEC)'s wholly-owned subsidiary, National Grid. Wipro will design and implement a Smart Meter Data Management (MDM) system. The financial details of the deal were not disclosed. 

Wipro to design meter data platform

Wipro will be responsible for designing, developing, implementing, and supporting a robust MDM system for the Saudi national electricity transmission network, the company said in a statement. The system will utilise intelligent forecasting and reporting tools to help National Grid SA with strategic grid planning and risk management, allowing National Grid SA to optimise its power dispatch, reduce operational costs, and minimise outages, leading to optimal experiences for the end user.

"With our deep domain expertise in the energy sector, smart solutions and advanced technological capabilities, we are proud to contribute to projects that are essential to the Kingdom’s Vision 2030 and help the Kingdom realize its innovation and digitalisation ambitions," said Vinay Firake, CEO – Asia Pacific, India, Middle East & Africa (APMEA), Wipro.

Wipro shares

The IT Indian firm's shares closed at 262.20 on Thursday. The market cap of the company stood at Rs 2.74 lakh crore as of July 24. 

Wipro 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 per cent 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 USD 4,971 million.

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(With inputs from PTI)