The calendar year 2017 saw most of the large global economies do better than in thelast few years while developments in technology continued picking pace. Organizations arebecoming nimbler by the day and are embracing these developments not just to keep theirbusinesses relevant but also to transform their customer experience. Partnering with ourclients in this transformative journey enabled our IT Services Revenue to grow 4.6% infiscal 2018.
In my earlier letters I have talked about the way Digital is being embraced byenterprises consumers and IT services firms. While the pace of adoption is unprecedentedit is on expected lines with customer experience' becoming a central theme for allorganizations. Digital emphasizes upon how' technology reaches the end customerrather than which' technology. Both enterprise mindsets and business models areundergoing a paradigm shift where the key scarce resource is no longer financial capitalbut intellectual capital. One's own ability to adapt to the new and agile way ofconducting business has become the key differentiator.
We at Wipro are seeing our early investments in disruptive technologies increasinglyresult in successful outcomes with clients and markets which are early adopters of suchnew age technologies. This journey has only just started and we are continuallycalibrating and aligning ourselves to make our clients successful and be at the forefrontof what our industry can offer.
Spirit of Wipro
In this journey the Spirit of Wipro continues to guide us as we walk with our clientsto partner with them on their transformational journeys. It keeps us alert aware of andaligned to our core values and enables us to deal with a multitude of situations in auniform Wipro-like manner while we ensure the success of our clients employees and otherstakeholders in a social and responsible manner.
Our capital allocation philosophy has remained unchanged as we continue to keep longterm value enhancement for our investors at the center of our pursuits through regularreturn of capital.
I had mentioned in my last letter that the Board was considering a proposal to buybackequity shares of the company. In July 2017 we announced a buyback amounting to `110000million. We also declared an interim dividend amounting to `5420 million in January2018.
The value creation of an enterprise extends beyond financial capital. As more and moreeducated people become part of the organized workforce across the world issues likesustainability and climate change have become everybody's business. For us at Wiprocreating value across social natural intellectual and human capital is central to ourexistence.
Till last year we have trained more than 90000 of our employees in Digitaltechnologies thereby enhancing the intellectual and human capital of society. Our work inschool education community care and ecology helps enhance the social and natural capitalacross various spheres of life. Last year we reduced our office space emissions by 20%and now use renewable energy for more than a third of our total energy requirements. Wealso saved nearly 187 million liters of freshwater last year to make our smallcontribution to the community's natural capital.
In the current dynamic environment we are often trapped by false choices. Through myyears in Wipro I have learnt that not getting trapped by these choices is at the heart ofenduring success. Let me share three such examples:
Old and new: Do we have to shed what is old to become new? Thischoice is often also thought of as choosing between the past and the future. It is farmore effective if we are both old and new. We must retain the strengths and learnings ofthe past as we embrace the future by developing new capacities and innovative approaches.
Business and Society: Sustained long term success in business willhappen only if the business contributes positively to society. This contribution is atmany levels. At the core is the basic matter that our business activity must create valuefor society. It is about acting responsibly towards the environment and contributing toour communities.
Means and ends: Do we choose ends over means pursue success howeverit comes? This is the classic false choice. Means and ends are exactly equally important.We must achieve our ends without ever compromising on the means.
As a company our pursuit to make an impact in all walks of life continues unabatedand I want to thank you all - our clients our employees our partners and ourstakeholders for continuing to repose your trust in us. This is our driving force andmakes us want to do our best in these exciting times.
|Very Sincerely |
|Azim Premji |