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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) has announced the introduction of four strategic global business lines (GBLs) aimed at enhancing client alignment and seizing growth opportunities. Effective April 1, 2023, the GBLs will focus on cloud, enterprise technology and business transformation, engineering, and consulting. Wipro's cloud segment now contributes over one-third of its revenues, reflecting significant growth, as the company recorded a 45% revenue increase over the last 10 quarters, surpassing an annual run rate of $11 billion. CEO Thierry Delaporte emphasized this transformation will streamline operations and foster a tailored approach to client needs.
Wipro Limited has launched the Decentralized Identity and Credential Exchange (DICE) ID, a solution that enhances digital identification and credential verification through blockchain technology. DICE ID empowers users by granting control over their personal data, enabling secure and streamlined sharing of verified credentials. With applications across various sectors including education, finance, healthcare, and government, DICE ID is piloted with select clients since September 2022. Notably, Wipro was named in the Forbes Blockchain 50 2023 list, reinforcing its commitment to innovation.
Wipro surveyed over 100 North American automotive CXOs to assess the industry's readiness for the transition to electric vehicles (EVs) and software-defined vehicles (SDVs). Key findings revealed that 70% of executives are prepared for these shifts, with 63% ready for a digital customer experience. Additionally, 81% anticipate decreasing battery technology costs by 2025, while 53% of OEMs are considering vertical integration to address supply chain challenges. The survey highlights a trend towards new business models, emphasizing the importance of collaboration among traditional auto companies and tech firms.
Wipro Limited (NYSE: WIT) has introduced its innovative solution, Smart i-Building, showcased at the Microsoft Technology Center in Zurich. This modular Internet of Things building management solution aims to enhance sustainability and operational efficiency by reducing energy consumption by 10 to 30%. With nearly 600 customer visitors, the center has been pivotal for demonstrating advanced technologies to facilitate digital transformation. Wipro emphasizes the solution's role in helping clients meet their sustainability goals and adapt to evolving work environments.
Wipro Limited has launched a report titled The Prescription for Healthcare Provider Cloud Success, highlighting the benefits of cloud adoption in the healthcare sector. Since the pandemic, advanced adopters have experienced a 6.6% revenue increase and an impressive annualized ROI of 54%. The report reveals that over 30% of leading healthcare providers utilize cloud-based data centers, with 91% expecting to centralize their capabilities within two years. The findings underscore the importance of technology-led innovation to enhance patient engagement and tackle healthcare challenges.
Wipro Limited (NYSE: WIT) has opened its latest Wipro-AWS Launch Pad Center in Toronto, Canada, part of a global network aimed at accelerating cloud migration for customers. This center will leverage Wipro and AWS expertise to foster collaborative innovation, allowing clients to develop scalable cloud solutions. The Toronto location is highlighted as a significant tech hub, providing opportunities for co-creation across industries. The center features demonstrations of enterprise-grade solutions including application modernization and artificial intelligence (AI). Wipro's partnership with AWS aims to enhance customer experiences and drive digital transformation.
Wipro Limited (NYSE: WIT) reported strong financial results for Q3 2022, with gross revenue rising to Rs 232.3 billion ($2.8 billion), a 3.1% QoQ and 14.4% YoY increase. IT Services revenue reached $2,803.5 million, up 6.2% YoY, while operating margin improved to 16.3%. Total bookings surged 26%, with large deal bookings soaring 69% YoY. Net income was Rs 30.5 billion ($369.1 million), growing 14.8% QoQ and 2.8% YoY. EPS rose 14.6% QoQ to Rs 5.57. Operating cash flow stood at 143% of net income, reflecting robust financial health. Wipro announced an interim dividend of Rs 1 per equity share.
Onapsis and Wipro Limited (NYSE: WIT) have announced a strategic collaboration aimed at enhancing cybersecurity and compliance for business applications during digital transformation. This partnership addresses the increasing vulnerability of SAP applications, with over 300 successful exploits per 1,500 attacks noted. The collaboration combines Onapsis’ security solutions with Wipro's professional services, facilitating secure digital transformation journeys for enterprises globally, particularly in Europe, the U.S., and Asia Pacific.
Wipro Limited (NYSE: WIT) will announce its third quarter results for the period ending December 31, 2022, on January 13, 2023, after the Indian market closes. The announcement will be followed by a conference call at 7:30 PM IST (9:00 AM ET) where senior management will discuss the results and address questions submitted by investors. Audio of the call will be accessible online. Wipro emphasizes its role in providing innovative technology solutions and its commitment to helping clients navigate digital transformation.
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