IT attrition rate is expected to be around 12% to 13% this year.
'A major IT services firm that previously had a demand of 1,000 to 2,000 employees now requires 7,000 to 8,000 -- a sizeable jump from the previous quarter.'
Information technology (IT) stocks ended at their lowest in nearly nine months after a fresh bout of selling, triggered by concerns over a recession in the US, the key market for domestic software exporters. A report by Morgan Stanley citing risks to growth also weighed on sentiment.
IT company Wipro on Wednesday reported almost flat growth in consolidated net profit at Rs 2,667.3 crore for the September 2023 quarter and projected a 3.5 per cent fall in revenue in the current quarter on a weak global economic outlook. The company had posted a profit after tax of Rs 2,649.1 crore a year ago. Its lower IT services growth estimate for the December 2023 quarter by 3.5-1.5 per cent is in the range of $2,617-2,672 million in constant currency terms or about Rs 21,642.59 -- Rs 22,097.44 crore.
IT services company Wipro on Thursday reported a 12 per cent rise in its consolidated net profit to about Rs 2,870 crore for the June 2023 quarter. It had posted a consolidated net profit of Rs 2,563.6 crore in the year-ago period (Q1FY23). Wipro's income from operations in the June quarter increased 6 per cent to Rs 22,831 crore.
Information Technology (IT) major Infosys escalated the legal tussle with Cognizant by filing a countersuit in a US court, accusing the Nasdaq-listed firm and its Chief Executive Officer (CEO) Ravi Kumar of anticompetitive practices by maintaining its monopoly. Infosys has also alleged that Kumar misused sensitive information that slowed the launch of the company's health care platform Helix.
Wipro Consumer Care and Lighting on Thursday announced the acquisition of Brahmins - a Kerala-based traditional vegetarian, spice mix and ready-to-cook brand - and it has also drawn up plans to launch its snacks brand targeting the southern market. The company will focus on the southern market and is in the process of launching its own brand in the fast-growing ready-to-eat and snacks segment, Wipro Consumer Care and Lighting and managing director Vineet Agrawal told PTI. He further said Wipro Consumer Care and Lighting would take the acquisition route for expanding in the spices segment.
Wipro is in the news, again. The information technology (IT) services company has mandated freshers, who had opted for a lower salary package of Rs 3.5 lakh per annum, instead of Rs 6.5 lakh per annum, clear a new training module titled Project Readiness Program (PRP) and score at least 60 per cent or stand terminated. Wipro is not the only company to have implemented such a programme.
'Our phones are taken away as we enter the room.' 'They are just asking us to sign without any discussion. If you ask for a discussion, they say, 'Sign first'.'
The stocks are largely from sectors such as chemicals, finance and cement, which struggled earlier but the worse seems to be behind them.
IT services firm Wipro has launched an artificial intelligence (AI)-first ecosystem that will put the technology in every platform, tool, and solution it uses and offers to clients. Along with the launch of Wipro ai360, the company committed to invest $1 billion to advance AI capabilities in the next three years. Wipro ai360, fuelled by this new investment, will help in a new era of value, productivity, and commercial opportunities through the application of AI and generative AI, said the company.
Punit Goenka, the former director of Zee Entertainment Enterprises, is not the only one who lost his board seat due to shareholders' activism last fortnight. In recent past, institutional shareholders of several companies, including Nestle and Wipro, have pushed back against board proposals by taking an aggressive stance while voting.
Rishad Premji, chairman of IT services major Wipro, saw his compensation for FY23 decline by almost 50 per cent year-on-year, due to a fall in the firm's profit. According to the Form 20-F, filed with the US Securities and Exchange Commission by Wipro, Premji's compensation for FY23 was $951,353, down 50 per cent from $1,819,022 in FY22. "Rishad A Premji is entitled to a commission at the rate of 0.35 per cent on incremental consolidated net profits of Wipro Limited over the previous fiscal year. However, in light of the fact that the incremental consolidated net profits for fiscal year 2023 was negative, the Company determined that no commission was payable for fiscal year 2023 to Mr Rishad A. Premji," said the company in the filing.
The index could be vulnerable to a bigger fall given the present market dynamics.
The share of companies where it would take over 100 years for a median employee to earn the equivalent of their top executive's annual salary rose to 65 per cent in FY24 from 61 per cent in FY19.
The good news is that salary hikes are expected, though it is uncertain when they will be implemented.
'Skilled labour is different from immigration.' 'While any adverse immigration ruling will impact Indians, it may not necessarily affect the IT services industry.'
IT major Wipro Limited has appointed Satya Easwaran, a former senior executive at consultancy KPMG, as its India head. Easwaran will be in charge of strengthening Wipro's business in India across key industry sectors through strategic consulting, transformation and modernisation engagements, it said in a statement on Monday. "India is a strategic market for Wipro and I am excited to welcome Satya to champion our bold ambition for growth and leadership here.
Zomato emerged as the biggest gainer, followed by Reliance, Nestle, Asian Paints and Power Grid.
IT major Wipro on Thursday reported a marginal year-on-year decline of 0.4 per cent in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023 and announced a share buyback of up to Rs 12,000 crore. The Wipro board approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece. "Board...of Wipro...has approved a proposal to buyback up to 26,96,62,921 equity shares, being 4.91 per cent of the total paid-up equity shares of the company, for an aggregate amount not exceeding Rs 120,00,00,00,000 at a price of Rs 445...per equity share," the company said a regulatory filing.
Ambani and Adani account for a fifth of the net worth of all billionaire promoters in the country and half the combined net worth of the top 10.
Industry players said IT hiring was not as strong as it was in 2022. One reason is the high bench IT firms have due to earlier hiring.
The second-quarter performance of the top five information-technology services firms gives the hint that slow growth has bottomed out on the back of discretionary spending kicking in for the sector's largest vertical - the banking and financial services. However, concern about the macro-environment continues to be a challenge. Among the top four - Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro - it is Bengaluru-based Infosys that has performed the best and that was evident in its full-year revenue guidance.
India is trying hard to erase Indonesia's wariness about New Delhi, building security cooperation in the Indian Ocean and Pacific Ocean. If Indonesia decides to buy the Brahmos missile, it would further strengthen relations between the world's most populous nation and the most populous Islamic country.
Indian IT hiring landscape is at a pivotal juncture as it transitions from a year of decline towards a more hopeful future. The focus on specialised skills, particularly in AI and data science, combined with geographical shifts towards Tier 2 cities, indicates a transformation within the sector.
A sharp rise can be attributed to the significant changes in India's share buyback tax regime, which will come into effect from October 1, 2024.
Information technology major Wipro has asked candidates who have successfully completed their training and who were offered Rs 6.5 lakh per annum earlier whether they would be willing to take up projects for an annual compensation of Rs 3.5 lakh. Wipro told Business Standard that it had to adjust its onboarding plans "in the light of the changing macro environment and, as a result, our business needs". "Like others in our industry, we continue to assess global economies and customer needs, which factor in our hiring plans.
Global firm Accenture's fourth quarter results prove that the worst is behind for the Indian information technology (IT) sector, said analysts on Friday (September 27). While the pace and the broadness of recovery is debatable, they said Accenture's results and revenue growth guidance for the next financial year (FY25) reduce downside risks for Indian IT companies.
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
Wipro Ltd on Friday posted 2.8 per cent year-on-year rise in its consolidated net profit for December quarter, at about Rs 3,053 crore. The net profit stood at Rs 2,969 crore in the year-ago period. Revenue of the Bengaluru-headquartered IT company came in at Rs 23,229 crore in Q3FY23, 14.3 per cent higher than the same period of previous year.
IT company Wipro has held back variable pay of employees mainly due to pressure on margins, inefficiency in its talent supply chain and investment in technology, according to sources. According to the sources, the company has informed employees in an email about the cut in variable pay. Two sources aware of the development told PTI that managers to the C-suite Level of the company will not get any portion of variable pay, while employee grades between freshers to team leaders will get 70 per cent of the total variable pay.
'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.'
Technology firm Wipro has a "high probability" of getting included in the benchmark Sensex, while two-wheeler major Bajaj Auto is the "most likely" deletion candidate, according to an analysis done by Brian Freitas, an analyst at independent research provider Smartkarma. The changes to the index will be announced mid-November, and will become effective from December 17. The December review uses the 6-month average market capitalisation and trading turnover data between May 1 and October 31 to determine changes.
The first quarter results (Q1FY25) of Indian IT services hint towards better fiscal growth than the preceding year, but as the management commentary said, "there is still some time for the industry to be firing on all cylinders." Among the majors-Tata Consultancy Services (TCS), Infosys, HCLTech, and Wipro-it is the Bengaluru-based Infosys that has performed better, which was also evident in its full-year revenue guidance.
Wipro Ltd on Wednesday reported a 9.6 per cent drop in its net profit in the second quarter, on lower earnings from clients in non-US markets. The company reported a net profit of Rs 2,649.1 crore in July-September quarter, compared to Rs 2,930.6 crore in the same period a year back, the company said in a statement. Revenues rose to Rs 22,539.7 crore in the quarter under review, from Rs 19,667.4 crore a year-ago.
IT company Wipro on Friday posted a 4 per cent rise in consolidated profit at Rs 3,092.5 crore in the fourth quarter ended March 2022. The company had registered a profit of Rs 2,974.1 crore in the same period a year ago. "We have had an outstanding year, finishing with USD 10.4 billion in revenues, and an industry-leading growth of 27 per cent Year-on-Year (Y-o-Y).
Wipro on Tuesday asked its employees to be in office at least three days a week. It has informed its employees that offices will be open for four days a week, starting October 10. In an e-mail to its employees, Wipro said: "Starting October 10, Wipro's office will be open Mondays, Tuesdays, Thursdays, & Fridays. We will not be open on Wednesdays." The company said in the e-mail, seen by Business Standard, that the move will "help us enjoy the camaraderie and team spirit of connecting in person while maintaining hybrid work flexibility".
'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.'
IT services major Wipro on Wednesday posted a consolidated net profit of Rs 2,969 crore for the December 2021 quarter, and said it has logged strong performance in revenues and order bookings. The net profit attributable to shareholders in the year-ago period had stood at Rs 2,968 crore, according to a regulatory filing by Wipro. On a sequential basis, its net profit was up 1.3 per cent, it added.
'Both campuses and talent should brace for a low-velocity campus hiring season that might extend into the off-campus period.'
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