Wipro has underperformed in Q3: Azim Premji

Wipro Chairman Azim Premji today said that the company underperformed in the October-December quarter relative to competitors and its own potential.
   
"I dont think we should try making excuses about our performance. We have under performed in quarter three relative to our competitors and as relative to our potential as a company," he told reporters here today.
    
"What we are trying to do is trying to improve perfomance in quarter four and also significantly improving performance going forward," he added.
    
Wipro has not been able to take similar strides in the health and financial sector as the competition has done, Premji said.
    
The IT major today reported a 9.60 per cent jump in consolidated net profit at Rs 1,318.8 crore for the third quarter against Rs 1,203.2 crore in the same quarter last year.
    
Shares of Wipro fell by 4.20 per cent to an early low of Rs 457.90 on the Bombay Stock Exchange after the company reported lower-than-expected numbers for the quarter under review.
    
Meanwhile, the BSE 30-share barometer Sensex was trading at 19,013.69, down 32.85 points or 0.17 per cent at 0924 hrs.

Justifying the company's decision to opt for a single CEO model in place of the earlier practice of a joint CEO structure, Premji said: "joint CEO structure was one of the key factors that successfully helped us navigate the worst economic crisis of our time. With the change in environment, there is a need for simpler organisation structure."
    
Refusing to answer questions and divulge details on the circumstances that led to the exit of two CEO's, he maintained that the organisational change was in keeping with the interest of company stakeholders, including the employees.
   
He also stated that while the joint CEO model had done well in tough economic times, the single CEO model was a need in today's changing market scenario.