The company's decision comes when there has been a dip in intake due to tepid demand, increasing automation, reports Debashis Mohapatra.
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.
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.
'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.'
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.
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.
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.
The company's IT services segment had a headcount of 158,217.
Wipro is likely to take a beating when the market commences on Thursday as analysts expressed disappointment over its just-released numbers.
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.
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.
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 IT services company is building underlying tech for connected cars
Out of 24,230 IIT and NIT grads, about 8,000 students didn't find any takers during campus placement drives this year.
Wipro has guided for 0.8-2.8 per cent sequential growth in IT service revenue for December quarter, saying revenue from that business is expected to be $ 2,065-2,106 million.
The Wipro board has also approved a Rs 10,500 crore buyback plan under which it will buy back up to 32.3 crore shares at Rs 325 apiece.
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.
Trouble started brewing after Cognizant announced that Ravi Kumar, former Infosys president, would take over as the Nasdaq-listed company's CEO.
It had reorganised its India business by carving out public sector undertaking and government businesses. Besides the company had also split its India and West Asia businesses.
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.
Digital, cloud, engineering services, and cybersecurity will drive Wipro's growth. 'Based on approval from the board, we have decided to step up our investments significantly in these four big bets,' Premji said in his last address as executive chairman.
IT majr Wipro needs stability at the top deck, say industry watchers.
Cybersecurity blog KrebsOnSecurity had said Wipro's systems had been breached and were being used to launch attacks against some of its clients.
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.
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.
Wipro on Monday said its shareholders have approved the company's plans to hive off non-IT business into unlisted arm.
The IT major is donning a new face for the changing times, says Ayan Pramanik.
The IT major is donning a new face for the changing times, says Ayan Pramanik.
'Both campuses and talent should brace for a low-velocity campus hiring season that might extend into the off-campus period.'
While the current headcount reduction has more to do with slowing demand, the rise of artificial intelligence will impact jobs in the future.
Wipro Technologies, the global IT services division of Wipro Ltd, and Mercury Interactive Corporation on Tuesday unveiled the Mercury Centre of Excellence (CoE) at Wipro's Electronic city campus in Bangalore.
Wipro Ltd, a provider of IT solutions and services including systems integration, information systems outsourcing and IT-enabled services, says it has not been affected by the crisis in West Asia and will continue to invest in the region. Wipro already has a company -- Wipro Arabia, formed in 2007 through a joint venture with the Dar Al Riyadh Group -- providing IT solutions and services in the Kingdom of Saudi Arabia.
The contract has not only cemented the position of its chief executive officer (CEO) Abidali Neemuchwala, it has also proven the ability of the current management to successfully chase and close larger deals that are becoming scarcer in the market.
The June quarter is usually considered as a seasonally strong period for the IT sector.
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.
Speculation is rife that the number could go as high as 2,000.
Wipro said recently it was expecting its revenue growth to drop 2.33 per cent or stay flat between $2,015 and $2065 million.
'Abid Neemuchwala has demonstrated a deep understanding of technology, business vision, sound judgment, and an innate ability to bring people together.'
