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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 Limited (NYSE: WIT) and VMware, Inc. (NYSE: VMW) have announced an expanded partnership to accelerate digital transformation for mutual customers. Wipro will launch a new business unit focusing on VMware solutions, enhancing multi-cloud capabilities and innovation. This initiative aims to streamline VMware implementations and improve ROI for businesses. It will leverage Wipro’s extensive expertise across industries, with a commitment to sustainability. The collaboration includes significant investment for global service delivery and aims to deploy 5,000 cross-trained professionals in the next two years.
Wipro Limited (NYSE: WIT) has appointed Frederic Abecassis as the Head of Banking, Financial Services & Insurance (BFSI) for Southeast Asia. With over 20 years in digital transformation and financial services consulting, Frederic will lead business growth in the rapidly evolving sector. His focus will include helping clients achieve digital transformation and ESG goals. The leadership change is expected to strengthen Wipro's ecosystem of technology partners and enhance client engagement in the region amidst ongoing digital disruptions.
Wipro Limited (NYSE: WIT) appointed Suzanne Dann as Chief Executive Officer of Americas 2 Strategic Market Unit, effective immediately. Her responsibilities will include increasing bookings, large deal signings, and revenue, while optimizing operational changes to enhance margins. Previously, she held the position of U.S. Senior Vice President for Capital Markets and Insurance. Dann takes over from Angan Guha and aims to leverage her experience to broaden Wipro's market impact amid ongoing transformation efforts.
Logility has entered a strategic alliance with Wipro to enhance supply chain management transformations using Logility's Digital Supply Chain Platform. The collaboration aims to address global supply chain challenges by integrating advanced technologies like AI and blockchain into demand planning, inventory management, and S&OP. Wipro’s expertise will help clients leverage Logility’s capabilities for improved decision-making and efficiency. Both companies are positioned to deliver high-impact solutions amidst ongoing supply chain volatility.
Wipro Limited (NYSE: WIT) reported strong financial results for Q2 2022, with IT Services revenue at $2.8 billion, reflecting a 14.6% YoY increase. The company achieved 23.8% growth in order bookings and reported a 15.1% IT Services operating margin. Net income reached $326.8 million, with earnings per share at $0.061. Free cash flow was robust at 181% of net income. The outlook for Q3 2022 anticipates IT Services revenue between $2,811 million to $2,853 million, indicating 0.5% to 2.0% sequential growth.
Wipro Limited (NYSE: WIT) is set to announce its financial results for the second quarter ended September 30, 2022, on October 12, 2022, after market hours. The announcement will be followed by a conference call at 7:30 PM IST (10:00 AM ET) where management will discuss the results and answer questions. Interested parties can access the results on the company's website. Investors can listen to the conference via a webcast. Wipro operates globally, employing over 250,000 individuals and focusing on digital transformation services.
Wipro Limited (NYSE: WIT) has achieved AWS Energy Competency status, highlighting its expertise in helping clients transition to sustainable energy solutions using AWS technology. This designation sets Wipro apart within the AWS Partner Network, showcasing its proficiency across various sectors including production operations and new energy solutions. The AWS Energy Competency enables energy customers to select skilled partners for digital transformation. Wipro aims to implement an RMS solution for centralized data management in refining operations, further solidifying its commitment to technological advancements.
Wipro Limited (NYSE: WIT) has secured a multi-year contract with HM Treasury (HMT) to provide Service Integration and Management (SIAM) Services. This partnership aims to enhance the integration of IT services across HMT and its Arm’s Length Bodies, improving user experience. Wipro will manage end-to-end SIAM services, which include coordinating service integration across multiple vendors. The collaboration underscores Wipro's commitment to digitalization in the public sector, playing a pivotal role in optimizing operational efficiency within HMT.
Wipro Limited (NYSE: WIT) reported that the manufacturing sector leads in cloud adoption, with 32% achieving 'cloud leader' status. The company's report highlights that manufacturers enjoying cloud benefits realize a 42% ROI compared to 24% for early adopters. Despite progress, 27% of manufacturers are still in early cloud adoption stages, hindering their market responsiveness. Key findings include improved productivity (56%) and quality control (79%) due to cloud technologies. The research surveyed 93 executives across France, Germany, Switzerland, and the UK, affirming the cloud's critical role in future-proofing manufacturing.
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