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Wipro Limited, headquartered in Bengaluru, India, is a leading global provider of information technology, consulting, and business process services. With a workforce of 175,000 employees worldwide, Wipro has established itself as a key player in the IT services sector.
Founded in 1945, Wipro has grown substantially over the decades, particularly in the IT services domain. The company leverages its offshore outsourcing model, deriving over 57% of its revenue from North America. Wipro offers a comprehensive range of services including traditional IT services such as consulting, managed services, and cloud infrastructure services, in addition to business process outsourcing (BPO).
In recent years, Wipro has achieved several key milestones. For instance, the company has forged strategic partnerships with industry leaders to expand its service offerings and enhance its technological capabilities. Wipro's investment in emerging technologies like artificial intelligence, machine learning, and cybersecurity has positioned it at the forefront of innovation in the IT sector.
One of Wipro's significant strengths lies in its diverse portfolio. The company serves various industries, including banking, financial services, manufacturing, retail, and healthcare. This diversification has enabled Wipro to maintain a stable financial condition, evidenced by its consistent revenue growth and profitability.
Wipro is also known for its commitment to sustainability and corporate social responsibility. The company has implemented numerous initiatives aimed at reducing its environmental footprint and contributing to the well-being of the communities it operates in.
Currently, Wipro is involved in several high-impact projects. These include digital transformation initiatives for global enterprises, the development of next-generation IT solutions, and the enhancement of its cloud and infrastructure services. These projects are expected to drive further growth and solidify Wipro's position as a global IT services leader.
Wipro announced the launch of its Google Gemini Experience Zone, a new facility where customers can explore Google's AI technologies and identify optimal generative AI use cases. The zone will be hosted at Wipro's Silicon Valley Innovation Center in Mountain View, with plans for a similar facility in Bengaluru. The initiative offers enterprises access to Google Gemini's Large Language Models, enabling testing of AI-driven use cases including natural language understanding, image generation, and predictive analytics. Through this partnership, Wipro will collaborate with businesses to develop industry-specific AI solutions across sectors like retail, healthcare, financial services, manufacturing, and telecommunications.
Wipro has announced a strategic partnership with RELEX Solutions to enhance retail and supply chain operations. The collaboration combines Wipro's expertise in retail and CPG sectors with RELEX's AI-based planning platform. The integrated solution aims to help retailers, wholesalers, and consumer goods companies optimize demand forecasting, merchandise planning, and supply chain management across their value chain. The platform offers comprehensive supply chain management capabilities, including demand prediction, availability planning, and real-time analytics to improve operational efficiency.
Wipro has announced a strategic collaboration with Microsoft and SAP to accelerate RISE with SAP migrations on the Microsoft Cloud. The partnership aims to provide clients with a 'Near Zero Cost Migration' through financial incentives, helping organizations transition from SAP S/4HANA to SAP S/4HANA Cloud ahead of SAP's 2027 support deadline for select on-premises systems. The collaboration leverages Wipro's digital transformation expertise, Microsoft's cloud infrastructure, and SAP's software capabilities to ensure seamless migrations while enhancing digital operations, efficiency, and customer experiences.
Wipro has released a report revealing that wealth management firms plan to more than double their AI budget allocation from 16% to 37% in the next 3-5 years. Based on a survey of 100 U.S. executives, the study shows that while all firms have begun adopting AI, only 44% use it extensively. Among extensive users, 73% report significant competitive advantages.
Key findings show that 77% of firms report improved decision-making with AI-driven analytics, and 76% note operational efficiency improvements. Risk management (53%) and research and analysis (45%) are the main areas disrupted by AI. However, challenges persist, with 62% of firms citing unclear regulatory guidelines and 68% prioritizing AI training and recruitment to address the skills gap.
Ericsson and Wipro have successfully transformed the billing experience for Odido's mobile customers in the Netherlands by migrating to the cloud-native Ericsson Billing platform hosted on AWS. The migration, completed in August 2024, transitioned 5 million customers over a single weekend, following the earlier transition of 700,000 Ben MVNO users in November 2023.
This transformation allows Odido to offer innovative 5G services, including the newly-launched Klik&Klaar fixed-wireless access (FWA) solution, with improved operational efficiency and customer experience. Wipro served as the end-to-end system integrator, working closely with Ericsson and Odido to design and implement the solution.
The new billing system provides Odido with a future-proof solution that enhances automation, improves billing accuracy, and enables efficient scaling of new services while reducing operating costs. This migration is a key step in Odido's strategy to deliver exceptional customer experience and monetize the growing demand for 5G services.
Wipro (NYSE: WIT) announced financial results for Q2 FY2025 ended September 30, 2024. Key highlights:
- Net income grew 6.8% QoQ and 21.3% YoY to Rs 32.1 billion ($383.1 million)
- IT Services revenue grew 1.3% QoQ to $2,660.1 million
- IT Services operating margin expanded 35 basis points QoQ to 16.8%
- Large deal bookings at $1.5 billion, highest in 10 quarters
- Total bookings at $3,561 million
- Operating cash flows at 132.3% of net income
- Voluntary attrition at 14.5% on trailing 12-month basis
- Board recommended 1:1 bonus share issue
Outlook for Q3 FY2025: IT Services revenue expected between $2,607-$2,660 million, translating to -2.0% to 0.0% sequential growth in constant currency.
Wipro (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, will announce its Q2 FY2025 results on October 17, 2024, after Indian stock market trading hours. The results will be available on the company's website. A conference call with senior management will follow at 7:00 PM IST (9:30 AM US Eastern time) to discuss the quarter's performance and answer questions.
Investors can submit questions by 6:30 PM IST. The call will be accessible via webcast and various dial-in numbers, including toll-free options for the US, UK, Singapore, and Hong Kong. A Diamond Pass™ service is available for quick access. The call replay will be available until October 24, 2024, through specified phone numbers and access codes.
Wipro (NYSE: WIT) has appointed Srikumar Rao as the new Global Head of its Engineering Edge Business Line, effective October 5, 2024. Rao, a 26-year Wipro veteran, succeeds Harmeet Chauhan and will report to CEO Srini Pallia. Previously serving as COO of Wipro Engineering Edge and Global Practice Head of Embedded Systems, Rao brings extensive experience in Engineering, Research, and Development (ER&D) services.
In his new role, Rao will focus on scaling Wipro's engineering capabilities, defining the vision for the ER&D Services business, and delivering AI-first products and solutions. His appointment underscores Wipro's commitment to internal talent development and client-centric approaches. Rao, a NASSCOM ER&D Executive Council member, will be based in Bengaluru, India.
Cyble, an AI-powered threat intelligence company, has partnered with Wipro (NYSE: WIT) to enhance enterprise cybersecurity risk management. The collaboration integrates Cyble's AI and machine learning platforms into Wipro's cybersecurity frameworks, offering real-time threat intelligence, proactive attack surface management, and comprehensive risk assessments. Key features include:
1. Dark Web monitoring and brand protection
2. Early threat detection and effective responses
3. AI-driven insights for informed decision-making
Cyble has gained significant market recognition, being named Innovation Leader by Frost & Sullivan and included in Gartner's Hype Cycles™. The partnership aims to provide unparalleled protection to global enterprises against evolving cyber threats.
Wipro announced financial results for Q2 2024, with key highlights including:
- Gross revenue at Rs 219.6 billion ($2,635.8 million), down 1.1% QoQ and 3.8% YoY
- IT services segment revenue at $2,625.9 million, down 1.2% QoQ and 5.5% YoY
- Large deal bookings at $1,154 million, down 3.1% QoQ and 3.6% YoY
- IT services operating margin at 16.5%, up 0.1% QoQ and 0.4% YoY
- Net income at Rs 30.0 billion ($360.4 million), up 5.9% QoQ and 4.6% YoY
- EPS at Rs 5.75 ($0.071), up 5.9% QoQ and 9.9% YoY
- Operating cash flows at Rs 40.0 billion ($479.0 million), up 6.5% YoY
The company expects Q3 2024 IT Services revenue to be between $2,600-$2,652 million, translating to -1.0% to +1.0% growth in constant currency terms.
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