Wipro HealthSciences ,the healthcare and life sciences unit of Wipro Ltd , will turnaround in the next two quarters, according to Suresh.C. Senapathy, Chief Financial Officer. According to him, the company will then report net profit. He further added that the turnaround would stem from the fact that the unit has bagged two new clients in December, which has made the business in life sciences segment robust.
The health sciences division was formed in April last year when the then existing business in the healthcare area from Wipro Biomed and Wipro Technologies were transferred to the new segment. The division focused on solutions for hospitals and health insurance companies, bioinformatics solutions to life sciences and IT solutions to medical and analytical devices companies. The division reported a revenue of Rs.24.6 crore in the third quarter of the current financial year, with a loss of Rs.40 lakh.
Senapathy further reiterated that business in the life science segment would continue to be robust while business in the pharmaceutical segment was slowing down as global drug giants have cut back on clinical tests following a few adverse results overseas.