IT services firm Wipro on Thursday reported a marginal increase in consolidated net profit to Rs 3,246.2 crore in the July-September quarter, even as company CEO and MD Srini Pallia asserted that the demand environment remains robust with discretionary spends shifting towards AI-related projects.
A Jefferies report warns that the IT services sector is set for a structural shift due to AI, requiring talent and operating model overhauls and increasing cyclicality.
India's $280-billion IT industry heads into 2026, balancing visa-related headwinds and global trade uncertainty against its biggest-ever push into artificial intelligence and the rapid expansion of global capability centres (GCCs). Heightened scrutiny of the US H-1B visa programme - including a proposed $100,000 fee for new visas and concerns over a potential 25 per cent outsourcing tax - has complicated cross-border delivery for Indian firms, even as companies accelerate efforts to reduce reliance on onsite staffing.
Wipro founder Azim Premji has transferred 1.02 crore equity shares of Wipro held by him to his two sons --Rishad Premji and Tariq Premji-- as 'gift', according to exchange filing. The Wipro scrip is currently valued at Rs 472.9 per share, and at roughly this value, the transferred shares will amount to a whopping Rs 483 crore.
'New announcements are made every day which brings tremendous amount of instability and uncertainty.' 'Relying on America has become a big problem.'
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.
'Keeping a bench increases cost. If you keep a bench, the skills may not remain relevant.' 'In the future, bench strength will literally be zero.'
Bengaluru-headquartered IT services major Wipro Limited on Thursday announced that it has signed an agreement to acquire Capco, a global management and technology consultancy to the banking and financial services industry, for USD 1.45 billion.
Sector analysts in India feel that the new convention may not lead to a significant increase in the number of Indian employees being sent to the UK.
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.
Even as Srini Pallia, a Wipro veteran, is set to take charge as the chief executive officer (CEO) of the company, analysts expect the stock's underperformance to continue in the near-future. This, they believe, will be on the back of likely loss of market share, and difficult business environment. "We expect Wipro to underperform peers on growth once again in FY25 as channel checks and media reports suggest Wipro is losing share with select clients across multiple verticals.
With a 13 per cent rise in quarterly profit, India's third-largest software services exporter, Wipro limited, said on Wednesday that it was adapting successfully to the global meltdown.
IT services major Wipro on Friday said it will give wage hikes to junior employees with effect from September 1, 2021. "Wipro Limited will initiate merit salary increases (MSI) for all eligible employees up to Band B3 (assistant manager and below), effective September 1, 2021. "In January 2021, the company had announced salary hikes for eligible employees in these bands, who form 80 per cent of the company's workforce - this is the second hike in this calendar year," Wipro said in a statement. As announced earlier, all eligible employees above band C1 (managers and above) will receive pay hikes effective June 1, it added.
Wipro Infotech - the Asia-Pacific and West-Asia arm of the $4 billion Wipro Limited - has restructured its operations. The company has transferred majority of its business to global IT division, Wipro Technologies. Wipro Infotech has also undergone other management changes, and re-alignment of various verticals. According to the mail, Anand Sankaran is being appointed chief executive of Wipro Infotech.
'Our vision is to become a GenAI managed services provider.'
Wipro's IT Business crosses $3 billion in FY 06-07;
Wipro Technologies, the global IT services business of Wipro Limited, on Tuesday announced that it has been recognized as a winner of the 2009 Global MAKE (Most Admired Knowledge Enterprises) Award for 'developing knowledge workers through senior management leadership' and 'Creating an environment for collaborative knowledge sharing.
Wipro Technologies, the global IT services division of Wipro Limited, signed a licensing and advanced development deal to jointly develop an advanced mobile and remote workforce management system.
Global IT Services and Products Profit before Interest and Tax (PBIT) was Rs 416 crores (Rs 4.2 billion).
Wipro BPO has opened a centre in Cebu, the Philippines, as a part of its global strategy.
Subject to customary regulatory approvals, the acquisition is expected to be completed during the quarter, the Bengaluru-headquartered company said. Financial details of the transaction were not disclosed.
Wipro Infotech, Middle East and Asia Pacific the information technology arm of Wipro Limited, announced on Thursday a strategic alliance with the US based Sistina Software Inc.
Total Revenue increased by 41% YoY to Rs. 35.46 billion
According to the tender offer, about 20.456,524 shares - representing about 100 per cent of issued and outstanding shares of Infocrossing -were validly offered and subsequently acquired by Wipro when the offer expired on September 17.
Wipro Technologies, the global IT services division of Wipro Limited, has been rated as a top leader among offshore service providers by industry analysts IDC in a comprehensive study of 21 offshore players around the world.
India's leading software company, Wipro Limited, on Wednesday said it was looking at setting up an offshore business process outsourcing centre in one of the Asia-Pacific countries.
Bangalore-based software giant has teamed up with eminent cartoonist Mario Miranda to create an advertising campaign that will light up its recruitment brand. The Goa-based cartoonist will educate potential recruits about Wipro through his characters.
With George W Bush returning as the US president for the second successive term, Wipro Spectramind, the BPO arm of IT major Wipro Limited, is bullish about growth and adding 1,800 to the existing headcount every month at its facilities.
Wipro Limited Profit After Tax grew by 45% year on year (yoy) to Rs. 6.20 billion (Rs. 620 Crores), Total Revenue increased by 39% yoy to Rs. 31.43 billion (Rs. 3,143 Crores)
The company over the past two years has spent a little over $500 million (little over Rs 2,000 crore) for around a dozen acquisitions.
Bangalore based Wipro Technologies announced its Q1 results on Thursday. Compared to the last quarter, its net profit dropped to Rs 726 crore
Wipro Technologies on Monday announced the successful implementation of an e-Ticketing solution for easyCinema, a new venture of the Europe-based easyGroup.
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.
Wipro has entered into a definitive agreement to acquire Oki Techno Centre Singapore Pte Ltd (OTCS), a wholly-owned subsidiary of OKI Electric Industry Co Ltd.
Wipro has acquired European retail solutions provider Enabler.
The stocks are largely from sectors such as chemicals, finance and cement, which struggled earlier but the worse seems to be behind them.
Wipro Limited, the $5 billion software to soaps major, has reported a 25 per cent increase in its net profit for the first quarter of the current fiscal as against the corresponding period of last fiscal. The topline has increased by 43 per cent.The net profit has smarted up to Rs 908 crore (Rs 9.08 billion)for the first quarter, while the topline has moved to Rs 5,967 crore (Rs 59.67 billion).
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