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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) announced the launch of Wipro FullStride Cloud Services and plans to invest $1 billion in cloud technologies over three years. This initiative aims to enhance cloud adoption and support clients in their IT transformation efforts. With over 79,000 cloud professionals, Wipro has made significant cloud-related strides, securing deals with major companies like Telefónica Germany and METRO AG. The launch seeks to simplify the cloud journey for businesses, emphasizing agility and resilience while creating competitive advantages.
Wipro Limited (NYSE: WIT) reported strong financial results for the quarter ending June 30, 2021, with gross revenue of Rs 182.5 billion ($2.5 billion), marking a year-over-year increase of 22.4%. IT Services segment revenue reached $2,414.5 million, a 25.7% rise YoY. Net income increased by 35.2% YoY to Rs 32.3 billion ($434.8 million), with earnings per share up 41.0% to Rs 5.92 ($0.081). The company issued its first dollar-denominated bond of $750 million. However, IT Services operating margin slightly decreased by 29 basis points YoY to 18.8%. Wipro anticipates revenue growth of 5.0% to 7.0% for Q3 FY2022.
Wipro Limited (NYSE: WIT) is set to announce its first-quarter results for the period ending June 30, 2021, on July 15, 2021, post-market in India. The results will be available on the company's investor website. Senior management will discuss the performance at 7:15 PM IST, with a Q&A session following. Interested investors can access the conference call via provided dial-in numbers, and a webcast will also be available. The replay of the call will start two hours post-event and remain accessible for a month.
Wipro Limited (NYSE: WIT) has joined the World Economic Forum’s Partnership for New Work Standards initiative, aiming to enhance employee well-being and set future work standards. Saurabh Govil emphasized Wipro's commitment to improving job quality and employee safety. The company plans to focus on innovative work models and holistic programs for physical, social, financial, and mental health. This initiative reflects Wipro's dedication to a sustainable future of work amidst challenges posed by the COVID-19 pandemic.
Wipro Limited (NYSE: WIT) has extended its partnership with Levi Strauss & Co., focusing on enhancing customer experiences across various digital platforms. This multi-year collaboration aims to provide Global IT support services in areas such as eCommerce and retail infrastructure. An AI-driven tool will help Levi identify and prevent inconsistencies in its operations. Wipro's long-standing experience in retail will support this initiative. Both companies expressed optimism about the partnership's potential to drive business growth and mitigate risks.
Wipro Limited (NYSE: WIT) has been named a Leader in the IDC MarketScape: Worldwide Supply Chain SAP Ecosystems Services 2021 Vendor Assessment. This recognition comes amid global supply chain disruptions, highlighting Wipro's strength in consulting, analytics, and process mining capabilities. The report evaluated 11 firms, positioning Wipro as a front-runner due to its outcome-based approach and unique digital transformation roadmap tailored to client needs. The company continues to leverage its SAP supply chain suite to enhance operational efficiency across industries.
Wipro Limited (NYSE: WIT) has launched its Zero Cost Transformation offering in collaboration with Oracle, aimed at assisting organizations in migrating to the Oracle Cloud Infrastructure (OCI). This new service intends to reduce migration costs and shift companies from CapEx to OpEx models by providing managed services and improved support. Wipro, having increased its Oracle Cloud certifications by 400% since entering the market, focuses on seamless, risk-mitigated transitions. The initiative is seen as a strategic move to enhance organizational cloud adoption efficiently.
Wipro Limited (NYSE: WIT) filed its Annual Report on Form 20-F for the fiscal year ending March 31, 2021, with the U.S. SEC on June 9, 2021. The report complies with International Financial Reporting Standards (IFRS) and is accessible to American Depository Shares (ADS) holders on Wipro's website, eliminating the need for physical distribution. Copies are available upon request at no cost. The company emphasizes its commitment to leveraging innovative technologies in providing IT and business process services globally.
Wipro Limited (NYSE: WIT) has announced a strategic partnership with Finastra to enhance digital transformation for corporate banks in the Asia-Pacific region. This collaboration aims to leverage Wipro’s extensive services and Finastra’s innovative trade finance and cash-management solutions. The partnership responds to a shift in corporate banking towards real-time execution and online services, facilitating a faster transition for banks seeking to modernize. With a focus on improving financial institutions' digital capabilities, this agreement builds on Wipro's recent acquisition of Encore Theme Technologies.
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