Wipro Consumer Care set to cross $1 billion in revenue by next month
Bengaluru: Wipro Consumer Care and Lighting will reach the $1 billion revenue mark by March 2018, as the company’s China bets in particular continue to pay off and key brands in India perform well.
“We continue to do well in south China. Both Guangdong and Hainan provinces are strong for us. Guangdong itself is about a $1 trillion province. It’s not a small place so if you do well there, you continue to do well (overall),” Vineet Agrawal, Wipro Consumer Care’s chief executive officer said in an interview.
The personal care arm of Wipro Enterprises plans to step up its initiatives in the e-commerce segment by leveraging and learning from its investment in Happily Unmarried Marketing Pvt. Ltd.
The company generated about $911 million in revenue for the 2016-17 financial year. Wipro Consumer Care had originally expected to cross the $1 billion revenue mark a couple of years ago. But challenges ranging from currency fluctuations to policy changes like demonetisation have hurt business over the past two years, resulting in delays.
Over half of its revenue now comes from international markets, driven by China. Of the four global acquisitions that Wipro Consumer Care has done since 2007, three were of companies that had an existing presence in China.
Before it bought Singaporean consumer goods firm Unza Holdings Ltd for $246 million in 2007, the Wipro group company used to get about $10-12 million in revenue from China. In 2016-17, China accounted for around $75 million in revenue.
Buying Unza gave Wipro an entry into the personal wash and deodorant categories in Guangdong and Hainan. In 2016, Wipro bought Chinese fast-moving consumer goods (FMCG) firm Zhongshan Ma Er Daily Products Ltd, strengthening its hold in Guangdong.
Apart from China, Vietnam, Indonesia and India are the other fast-growing markets for the company, while more established and saturated markets like Malaysia, Singapore, Hong Kong, Thailand clock slower growth rates.
In India, the company’s products range from personal care – including soap brands like Santoor and Chandrika—to home care products—like Safewash liquid detergents for clothes—and lighting solutions for home and commercial use.
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