Under the new model, the IT services firm will replace the current structure of its various strategic business units, service lines and geographies with four strategic market units and two global business lines.
IT services major Wipro on Wednesday posted an about 21 per cent increase in consolidated net profit at Rs 2,968 crore for the December 2020 quarter. The net profit attributable to shareholders in the year-ago period was at Rs 2,455.9 crore, according to a regulatory filing by Wipro. Its revenue from operations grew nearly 1.3 per cent to Rs 15,670 crore from Rs 15,470.5 crore in the quarter ended December 2019. Wipro, which gets a bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,102 million to $2,143 million in the March 2021 quarter.
The top three Indian IT firms -- Tata Consultancy Services (TCS), Infosys and Wipro -- collectively trained over 775,000 employees in generative AI (GenAI) capability by the end of 2023-24, according to an analysis of GenAI-trained workforce of leading companies in India in this sector. This number is significantly higher that the projection made by the IT industry body Nasscom in its Strategic Review of 2023, released in February this year. It said in 2023-2024, over 650,000 employees across the IT industry received training in Gen AI skills.
IT services major Wipro on Tuesday said its up to Rs 9,500-crore share buyback programme will commence on December 29 and close on January 11, 2021. Last month, shareholders had approved Wipro's buyback plan for purchase of up to 23.75 crore equity shares at Rs 400 per share, aggregating to an amount of up to Rs 9,500 crore. "...the company received final comments from the Securities and Exchange Board of India on December 21, 2020, with respect to the Draft Letter of Offer filed by the company for the captioned buyback...the company will dispatch the Letter of Offer to eligible shareholders," Wipro said in a regulatory filing.
Wipro Chief Executive Officer Thierry Delaporte drew a pay package of $8.7 million (around Rs 64.3 crore) in the financial year 2020-21, according to a regulatory filing. Delaporte's compensation is for the period from July 6, 2020, to March 31, 2021, and includes components such as a one-time cash award, annual stock grant and one-time grant of RSUs (restricted stock units). The former Capgemini executive had joined the Bengaluru-headquartered Wipro as its chief executive officer and managing director on July 6, succeeding Abidali Neemuchwala.
IT company Wipro on Thursday posted a 27.7 per cent jump in consolidated net profit to Rs 2,972 crore for the fourth quarter ended March 31, 2021. Wipro had posted a net profit of Rs 2,326.1 crore attributable to equity holders of the company in the same period a year ago.
Wipro said it has used its industry-leading cybersecurity practices and partner ecosystem for remedial steps and has shared this intelligence with its partners to develop the AntiVirus signatures.
The company, which in the previous quarter announced former Capgemini top executive Thierry Delaporte as its new chief executive officer and managing director, is looking at improving its performance in coming quarters.
'Both campuses and talent should brace for a low-velocity campus hiring season that might extend into the off-campus period.'
Total income of Wipro was almost flat at Rs 15,571.4 crore at the end of the first quarter of 2020-21 compared to Rs 15,566.6 crore in the corresponding quarter of the fiscal year 2019-20.
The June quarter is usually considered as a seasonally strong period for the IT sector.
"...Chief Executive Officer and Managing Director Abidali Z Neemuchwala has decided to step down due to family commitments," the BSE filing said. The board of directors has also initiated a search to identify the next chief executive officer, it added.
With the rush of growth after the pandemic slowing down, many leaders are moving to firms that may be smaller but are growing much faster and have the headroom to grow.
The new facility that would house Wipro's US cyber security centre would also serve as a hub for advanced analytics
'The race is now on for Indian IT firms to develop their AI prowess and focus on a software-first approach to services as the people element becomes more complicated with Trump's expected new regulations.'
Wipro Ventures is currently managed by Biplab Adhya and Venu Pemmaraju and has so far invested in 16 early to mid-stage start-ups. While 11 of these start-ups are in the US, four are in lsrael and one in lndia.
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
Wipro said on Thursday that Azim Premji's son Rishad, chief strategy officer and member of the board, will take over as the executive chairman. Azim Premji, however, will continue to serve on the board as non-executive director and founder chairman.
'No one manufactures intelligence at the moment.' 'This is a concept that your IT industry understands.' 'What you need is infrastructure. Everything else can then be taken care of.'
'India's top companies currently lack the organisational wherewithal to hire and train 2 million interns annually, given their current scale of operations and existing employee base.'
Once implemented, Rishad Premji will be one of the youngest business leaders to don the role of non-executive chairman at a large cap Indian company.
Under Neemuchwala's digital-first vision, Wipro has accelerated investments in automation, analytics, cloud and cognitive technologies over the past three years, says Ayan Pramanik.
Management commentary on demand environment, and forward guidance will be in focus when Indian IT services players declare their September quarter results for financial year 2024-25 (Q2FY25). The industry is exepected to have continued on the path of recovery in Q2, similar to the preceding quarter, rather than sprint towards growth. The top four firms likely grew between 0 per cent and 4 per cent year-on-year (Y-o-Y), according to consensus estimates.
IT services major Wipro on Tuesday posted 3.4 per cent decline in consolidated net profit to Rs 2,465.7 crore for the quarter ended September 30, and said its board has approved up to Rs 9,500 crore buyback plan. The Bengaluru-based company, which had registered a net profit (attributable to equity holders of the company) at Rs 2,552.7 crore in the year-ago period, has priced the buyback programme at Rs 400 per share.
The company's net profit went up 27% in December quarter, sequentially better than peers; core IT services up 33%..
American chip behemoth Nvidia Corp and India's retail-to-refining giant Reliance Industries on Thursday unveiled their goal to build a formidable AI computing infrastructure in the country. Highlighting the tie-up, Jensen Huang, founder and CEO of Nvidia, made a broader appeal: India should focus on "manufacturing" AI, rather than racing to build semiconductor fabs. As part of this collaboration, Nvidia will reportedly supply its Blackwell AI processors to power Reliance's one-gigawatt data center in Jamnagar, Gujarat.
Firms are battling over glucose-based chewable tablets.
Less than a week after closing an acquisition, Premji tells investors firm will continue to look at buyouts.
India's largest IT services company Tata Consultancy Services (TCS) on Thursday posted an 8.7 per cent year-on-year rise in its consolidated net profit at Rs 12,040 crore in the first quarter ended June 2024. The net profit for the year-ago period stood at Rs 11,074 crore.
'There's a lot of continuity in terms of basic values and there's also a lot of new thinking based on the generational shift... it's a combination of continuity and change,' says Wipro Chief Executive Officer Abidali Neemuchwala.
While Wipro will announce its fourth quarter (Q4) results along with annual financial statements on April 15, market leader TCS will hold its board meet the next day (April 16) for approval of its financial statements. Infosys is yet to inform investors the date it will announce its Q4 earnings.
The company's decision comes when there has been a dip in intake due to tepid demand, increasing automation, reports Debashis Mohapatra.
'Young people are digital natives.' 'Hence, their ability to learn coding and to become a full stack engineer is far more.' 'The demand for such people is more as we feel that if we hire people from campuses, we can train them to become what we want.'
Wipro, which gets bulk of its topline from IT services, said it expects revenues from that business to be in the range of $2,095 million to $2,137 million in the March quarter - a sequential growth of flat to 2 per cent.
Thierry Delaporte's pay package would be around 34 per cent higher than the total compensation that Wipro CEO Abidali Neemuchwala received in financial year 2019-20 (FY20). It also brings the Wipro CEO's salary on par with other top IT firms such as Infosys and Cognizant.
The Tata Group is one of the very few Indian MNCs which has carved out a niche in China's highly competitive market, notes Rup Narayan Das.
The company's IT services segment had a headcount of 158,217.
Wipro posted a 4.6 per cent rise in revenue at Rs 15,711 crore in January-March quarter compared to Rs 15,006.3 crore in the year-ago period.
