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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) released a report with Harvard Business Review, titled Manufacturing 2025: Bolder Vision, Stronger Purpose, highlighting digital transformation's role in the manufacturing sector. The report emphasizes that innovative manufacturers are leveraging technology to enhance operations, sustainability, and customer experiences. Key findings include significant potential losses in maintenance costs and the need for a unified data view. C-suite leadership and talent re-skilling are crucial for successful transformations. Manufacturers also focus on aligning their business models with environmental, social, and governance (ESG) goals.
Wipro Limited (NYSE: WIT) has entered a five-year strategic agreement with Nokia, enhancing their long-standing partnership. This collaboration aims to optimize Nokia's operations through process digitization and automation. Wipro will support Nokia's Global Business Services (GBS) by improving order management, finance, and accounting operations. The deal aims to deliver measurable outcomes and enhance user experiences, positioning both companies for success in the 5G landscape.
Wipro Limited (NYSE: WIT) announced its Q2 2022 financial results, reporting a gross revenue of Rs 215.3 billion ($2.7 billion), marking a 17.9% YoY increase. IT Services Segment revenue reached $2,735.5 million, up 13.3% YoY. The company experienced a decrease in operating margin to 15.0%, down 200 bps QoQ. Net income was Rs 25.6 billion ($324.4 million), with EPS at Rs 4.69 ($0.061). Wipro's order bookings rose 32% YoY, driven by large transformational deals. The guidance for Q3 2022 estimates IT Services revenue between $2,817 million and $2,872 million, reflecting a 3.0% to 5.0% sequential growth.
Wipro Limited (NYSE: WIT) has appointed Ms. Päivi Rekonen as an Independent Director on its Board for five years, effective October 1, 2022, pending shareholder approval. With over 25 years of experience in technology and banking, she has held leadership roles at major firms like Nokia and Cisco. Wipro's Chairman, Rishad Premji, expressed confidence that her expertise in digital transformation and strategy will enhance the company's growth. Rekonen holds Master's degrees in Social Sciences, Economics, and Business Administration from the University of Jyväskylä in Finland.
Wipro Limited (NYSE: WIT) will announce its financial results for the first quarter ended June 30, 2022, on July 20, 2022, after market hours in India. A senior management conference call will follow, starting at 7:30 PM IST, to discuss the results and address questions. The audio will be available through a webcast. Wipro aims to support clients in digital transformation, with a workforce of over 240,000 across 66 countries. Key financial details will be accessible on their investors' website.
Wipro Ventures has invested in ShiftLeft to enhance its market presence and drive growth. This partnership enables Wipro to leverage ShiftLeft's innovative application security solutions, which combine static application security testing (SAST) and software composition analysis (SCA) to identify vulnerabilities rapidly. ShiftLeft's technology boasts the industry's lowest false positive rate. The collaboration aims to integrate security within development processes for sectors like healthcare and retail, ultimately helping clients remediate code flaws before they pose risks.
Wipro has expanded its partnership with Immuta to enhance data security for clients migrating to Snowflake. This collaboration will offer Wipro customers access to Immuta's data access solutions through Wipro’s Secure Data Analytics program, providing expertise from certified architects. Immuta's platform enables companies to enforce data policies and secure access across cloud sources, ensuring users get the right data at the right time. This partnership aims to improve secure data access during cloud migrations, benefiting organizations seeking enhanced data governance.
Wipro Limited (NYSE: WIT) has filed its Annual Report on Form 20-F for the fiscal year ending March 31, 2022, with the U.S. Securities and Exchange Commission on June 9, 2022. The report adheres to International Financial Reporting Standards (IFRS) and is available on Wipro's website for American Depository Shares (ADS) holders. Physical and electronic copies will be provided upon request. Wipro is recognized for its IT, consulting, and business process services globally, with over 240,000 employees serving clients across six continents.
Wipro Limited (NYSE: WIT) has adopted the RISE with SAP S/4HANA® private edition, aiming to enhance innovation and streamline business operations. This decision aligns with Wipro's ambitious growth agenda and commitment to digital transformation. The unified platform is expected to reduce operational costs and improve efficiency. Wipro will leverage its extensive experience and a $1 billion investment in cloud services to support its clients' transformation journeys. This strategic move positions Wipro as a leader in SAP solutions for global enterprises.
Wipro Limited (NYSE: WIT) has extended its strategic partnership with Crédit Agricole CIB, enhancing their longstanding collaboration. This agreement aims to support Crédit Agricole CIB in leveraging cloud technologies and agile practices, fostering innovation and efficiency in their banking services. Wipro will deploy a larger team of experts to strengthen the bank's infrastructure, ultimately improving client satisfaction and accelerating product development. Both Wipro and Crédit Agricole CIB express their commitment to advancing technology transformation in the banking sector.
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