WIPRO PROFIT
Mid and small IT companies showed sustained improvement in revenue, profit share in March ’24 quarter
Small and medium sized IT companies continued to show year-on-year improvement in the share of aggregate revenue and profit of the sector in the March 2024 quarter though the extent of improvement has tapered down implying resilience from the top tier companies.
Facing an unprecedented slowdown, IT companies are undergoing a shift. Here’s what’s changing
IT companies like TCS, HCLTech, Wipro and Tech Mahindra are reorganising their businesses to wade through disruptions and prepare for Gen AI. TCS, under new leadership, merged AI and cloud operations into a unified AI.Cloud unit, responding to growing demand in cloud migration and transformation services.
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I think it is more of a traders market where stock specific bets do well. Today, we are seeing very good movement happening in metals and mining. Yesterday, it was banks. So, selectively sector rotation is happening within the market and we feel that unless and until the Nifty index gives a broad breakout or breakdown on the daily charts, it is best to stick to stock specific action.
IT industry's competitive intensity to be at highest levels in FY25: HCLTech CEO C Vijayakumar
Despite a challenging economic environment, HCLTech has achieved remarkable annual growth and outpaced larger competitors. The third-largest software services firm, with annual revenues of $13.27 billion, reported growth that outpaced Tata Consultancy Services 4.1% and Infosys 1.4%. Smaller players such as Wipro and Tech Mahindra faced significant struggles.
IT companies go startups way, appoint chief growth officers
Facing a cautious market and clients tightening their purse strings, IT companies are adopting a strategy from startups and web commerce: creating a new C-suite role – the chief growth officer (CGO).
F&O Radar | Deploy Debit Spread in Wipro to capture potential up-move
Since April 2024, Wipro's prices have been fluctuating within a wide range of 435 and 468 levels, while also remaining close to its short-term moving averages.On Monday, the share price managed to maintain its position and close above its 10-day exponential moving average, reaching Rs 461, which is in proximity to its broader resistance level at 468.
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IT’s bench strength halves as slump-hit companies eye efficiencies
The bench strength at top Indian outsourcers has nearly halved of late, with higher utilisation and generative artificial intelligence (GenAI) driving efficiency in the $254-billion IT industry. Bench strength in the IT industry means full-time employees who are not assigned any active project.
Wipro teams up with Centre for Brain Research at IISc on AI-driven health behaviour innovations
Wipro partners with Centre for Brain Research to utilize AI, ML, and big data analytics for health behavior innovations.
Monday rally fizzles: Profit-booking, energy stocks push Sensex over 600 points off peak
Sensex, Nifty closed marginally lower. Uncertainty over the results of the ongoing general elections put volatility at a high with VIX surging almost 90% in the last one month, including climbing 6.8% on the day. The broader NSE Nifty dropped 25 points or 0.11% to end at 22,932. Wipro, NTPC, Sun Pharma, M&M, ITC, and Reliance Industries were the top Sensex laggards, falling up to 2.3%.
Suzlon shares shed 5% after reporting a 20% decline in Q4 profit
Suzlon Energy shares dropped 5% to Rs 45.84 on BSE after Q4 profit declined 20% to Rs 254.12 crore. Revenue rises 29% YoY to Rs 2,179.20 crore.
Zaggle Q4 Results: Net profit jumps to Rs 19 crore
SaaS fintech platform Zaggle Prepaid Ocean Services on Thursday said its consolidated net profit more than doubled to Rs 19.15 crore in the March 2024 quarter. The company had reported a net profit of Rs 7.56 crore in the year-ago period, according to a regulatory filing.
Wipro’s Rishad Premji takes pay cut, ex CEO Delaporte takes home $20 mn
Wipro executive chairman Rishad Premji declined variable pay for the second consecutive year due to negative profit growth. He took a 20% pay cut, earning $769,456 in FY24. Former CEO Thierry Delaporte became the highest-paid IT sector CEO with $20.11 million in compensation for FY24, including a $11 million separation payment upon resignation.
Wipro sees more top deck changes under CEO Pallia's watch
New chief executive Srinivas Pallia is undertaking changes in the senior management of IT major Wipro. This is part of multiple changes Pallia is bringing about since he took the helm earlier this year, after the abrupt exit of Thierry Delaporte.
IT sweats to eke out margins on pricing squeeze, staff costs
Indian outsourcing companies face a margin squeeze in FY24 due to a triple threat: aggressive deal pricing, rising employee costs, and the pressure to boost revenue despite tight global budgets. Notably, Tata Consultancy Services (TCS), the industry leader, seems to be the only exception.
A month on, Wipro CEO Srinivas Pallia has townhalls, Q&As on checklist
Srinivas Pallia, the new CEO of Wipro, sets ambitious goals to accelerate large deal momentum, strengthen client relationships, focus on industry-specific profits, build AI-ready talent, and simplify the operating model for future growth.
Cognizant Q1 revenue falls 1.1%, profit dips 6%
Cognizant’s performance reflects the overall IT sector’s sentiment with domestic majors such as Tata Consultancy Services, Infosys, and Wipro also reporting low single-digit revenue growth. All companies have the majority of their clients based in the US and Europe.
Wipro’s new CEO Srinivas Pallia to get max pay of $7 million
Wipro's new CEO, Srinivas Pallia, to receive $7 million annual compensation for two years. Thierry Delaporte to be paid $4.33 million in cash. Pallia's contract for five years starting from 2024.
HCLTech bucks trend again, headcount rises by 2,725 employees
For the full year as well, Noida-headquartered HCLTech added 1,537 employees from overall headcount of 225,944 in March end 2023. Similarly in FY23, HCLTech’s headcount had shown an increase by 3,674 employees.
Tech Mahindra to hire 6,000 freshers in FY25
Total headcount for Tech Mahindra declined by 795 from the previous quarter to 145,455, and falling by 6,945 from 152,400 employees a year ago.
Top IT firms saw wage bills rise 5.5% even as revenue growth dips
IT companies' cumulative wage cost rose by Rs 18,036 crore in the fiscal year. Experts said this was due to continuity in lateral hiring in high-demand areas such as AI, machine learning, and cloud and engineering services, coupled with the salary increments, even though they are in the lower single digits.
Wipro Q4 net profit is down 7.8% to Rs 2,835 crore
The fourth largest Indian IT service firm, Wipro saw its headcount decline by 9.5 % in the fiscal 24. This is the third time in a decade that the IT major saw a full-year decline in its headcount, by ending the fiscal at a lower number compared to the start of the year.
India's top 3 IT companies see exit of 64,000 employees in FY23-24
India's IT services industry - a $254 billion powerhouse - has been feeling the heat of global macroeconomic uncertainties and geopolitical flareups as clients turned cautious with IT spends.
New Wipro CEO Srinivas Pallia reveals his five point plan to revive company’s growth
IT services company Wipro on Friday reported an 8% year-on-year (YoY) fall in consolidated net profit to Rs 2,835 crore for the quarter ended March 2024. It was Rs 3,074 crore in the last year quarter.
Infosys Q4 net profit jumps 30%; company buys German tech firm for €450 million
Revenue guidance for FY25, a key monitorable for investors, remained conspicuously circumspect, although India’s outsourcing bellwether announced its biggest M&A deal in history, committing nearly about half a billion dollars.
Wipro's new hiker CEO Srinivas Pallia has a mountain to scale
Srinivas Pallia became the CEO of Wipro after Thierry Delaporte quit in a surprise move. Pallia said his immediate focus will be on supporting clients and stressed on "embracing bold ideas" and taking "calculated risks".
Former Wipro CEO Thierry Delaporte recaps his four-year stint in email to staff
Justifying his work in an email to employees at Wipro, Thierry Delaporte said that the IT services major is seen as a “transformation partner” by its clients and is set for future growth. This even as Wipro has come under fire in the last few years for underperformance compared to its larger rivals. There has also been multiple senior level exits from the company.
As Wipro gets a new CEO, a look at its woes in four data charts
The change of guard at Wipro is coming at a time when the IT major's operating margins are the lowest among its peers. And the change comes at a time when clients are in no mood to ramp up big budget transformation deals.
Restless investors, turnaround hopes await Wipro’s new CEO Srinivas Pallia
Wipro CEO Thierry Delaporte resigns, Srinivas Pallia takes charge facing tough times. Must boost morale, focus on large deals, client mining, integrate acquisitions, manage industry analysts, and address executive departures for company revival.
Wipro CEO Thierry Delaporte quits, to be replaced by Americas chief Srini Pallia
Srinivas Pallia, who was the CEO for the company's Americas 1 area, will take over as the new CEO and Managing Director from April 7, the company added.
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