Wipro targets $15 bn revenue by 2020

India's third largest IT firm Wipro Ltd has set a revenue target of $15 billion from its global IT services business by 2020, with 23 percent operating margin, a top executive said on Tuesday.

"As detailed to you all recently, our ambition is to double our size and touch $15 billion revenue with 23 percent operating margin in four years (by 2020)," Wipro's new chief executive Abidali Z Neemuchwala said in an e-mail to his employees on taking over the top post on Monday.

The $7.5 billion global software major promoted Neemuchwala from being its chief operating office on January 4 after elevating incumbent T. K. Kurien to executive vice-chairman post.

The city-based outsourcing major has 170,664 techies working at its development centres worldwide.

Pinning his hopes on Wipro's employees for achieving the set target, Neemuchwala said: "My confidence stems from a multitude of factors - our rich heritage of technology, innovation, desire to excel and the unlimited potential of what we can achieve together."

He said the company's leadership team is busy fleshing out the details of the $15 billion target.

Aiming to stimulate the young workforce of the 70-year-old company, the CEO said: "I have little doubt that we must begin to think like a startup - where there is nothing from the past that is so sacred that it can't be questioned - and create a workplace that is a melting pot of diverse ideas."

According to Neemuchwala, over the last several months, Wipro collapsed and simplified processes to create a more agile organisation laying emphasis on speed and decentralised decision making.

Neemuchwala's message also sought to warn employees who are not committed. "We will continue to show zero tolerance towards those among us who violate our values and are not aligned to our strategy."