Page 13 - Wipro

TCS, Infosys, Wipro see exit of 64,000 employees in FY24 amid low demand

India's largest IT services companies Tata Consultancy Services, Infosys and Wipro saw a staggering 64,000 employees exiting in FY24, amid a weak demand environment globally and tighter tech spends by clients. Wipro, which announced its Q4 earnings on Friday, reported a fall in headcount numbers to 2,34,054 as of March 2024, against 2,58,570 in the year-ago period. Headcount declined by 24,516 during the financial year ended on March 2024. "...immediate headcount reduction has happened primarily driven by the market and demand environment as well as the operational efficiency which we have driven, which is reflective in our margins," Saurabh Govil, Chief Human resources officer at Wipro said. In the long term, as the company moves into more IP-based platform and Artificial Intelligence (AI), there could be divergence coming in terms of headcount growth, he added. India's IT services industry - a USD 254 billion powerhouse - has been feeling the heat of global macroeconomic ...

Expat impact: The story of India Inc's brushes with expat CEOs a mixed bag

Will it help to simply focus on the best person for the job?

Wipro Q4 results: Net profit drops 8% to Rs 2,835 cr, revenue down 4.2%

Wipro's shares closed at Rs 452.85 on Friday ahead of its financial results

Wipro Q4 Preview: profits may decline 8-10%, revenues to dip 4-5% YoY

According to brokerage estimates, Wipro is likely to report a net profit in the range of Rs 2,778 crore to Rs 2,829 crore for the fourth quarter, down 8-10 per cent year on year (YoY)

Srinivas Pallia sold his entire stake in Wipro before taking over as CEO

On April 6, Wipro, the fourth largest software services firm in India, announced the unexpected departure of former CEO Thierry Delaporte and Pallia was made the top boss

Troubles for Indian IT firms linger as clients tighten their budgets

Accenture Plc lowered its revenue outlook last month, citing a pullback in software spending by Wall Street firms, which are among the Indian companies' biggest clients

IT firms bracing for muted show amid weak global macros, tight spends

Indian IT companies are seen signing off FY24 on a subdued note with an uncertain global macroeconomic environment dragging tech demand and client spends, analysts said, forecasting modest commentary and cautious tone by the tech pack on FY25 outlook. The grand IT earnings season opens on Friday with results of Tata Consultancy Services (TCS), followed by Infosys scorecard on April 18 and Wipro on April 19. Tech Mahindra is scheduled to announce Q4 and full-year numbers on April 25, whereas HCL Technologies will declare its numbers on April 26. Emkay in its quarterly preview recently said subpar growth should persist in Q4 as muted demand trends continue on account of weak discretionary spending and cautious behavior by clients amid uncertain macros. It predicted FY24 ending on a "weak footing", and noted that recovery hope has shifted to the second half of FY25. "Global companies such as ACN (Accenture), CTSH (Cognizant Technology Solutions), and CAP (Capgemini) have also guided f

Wipro appoints Malay Joshi as CEO for 'Americas 1' strategic market unit

Joshi is a company veteran who joined Wipro in 1996 and has had an extensive career spanning over 28 years in various leadership roles across functions, industries, and geographies

Tech talent war: Nearly 4,500 IT leaders switch jobs in 12 months

Chaos in C-Suite sees 4.5% leadership churn in IT services: Xpheno

Energised by possibilities ahead of Wipro in era of tech progress: CEO

Wipro's new CEO Srinivas Pallia said he is energised by possibilities before the company and the industry, in a new era fuelled by rapid technological progress. Wipro's top boss -- who took over the baton from Thierry Delaporte at the USD 11 billion IT services firm on Saturday -- penned a post on LinkedIn to say he looks forward to working with 240,000 "Wiproites" and taking the "iconic" company to the next phase of growth. "There's a lot of work still to be done ahead of us," Pallia wrote in the recent post. Pallia also reached out to employees through an email where he talked about his journey of continuous discovery, growth, and learning at Wipro moulding and shaping him into the leader he is today, according to sources. In the LinkedIn post, Pallia highlighted Wipro's remarkable resilience and adaptability, and applauded commitment of employees to the company's collective success. "As we enter a new era fuelled by rapid technological progress, I am energised by the possibilit

Wipro's leadership crisis gets more severe with Thierry Delaporte's exit

While analysts and industry watchers saw Delaporte's exit coming, it was not expected to be this abrupt, this soon

'Main goal complete with foundational elements', says outgoing Wipro CEO

IT company is seen as a 'transformation partner' by clients and is set for growth, says Thierry Delaporte in farewell email

Analysts bearish on Wipro after Delaporte's exit, see up to 15% downside

Thierry Delaporte's resignation as the CEO is surprising and also an acknowledgment of his failure to turn around the business, analysts said

Wipro CEO Pallia has challenging tasks cut out in reviving firm's fortunes

Wipro's new CEO Srinivas Pallia, who took over the reins from Thierry Delaporte, has challenging tasks cut out in reviving the company's fortunes, retaining key leaders and restoring morale as he faces tough quarters, weak global cues and discerning shareholders at the USD 11 billion IT services firm, industry watchers say. Some analysts believe that the outgoing CEO, Paris-based Delaporte whose five-year tenure came to an abrupt end with his resignation on Saturday, could not effectively address many operational and leadership issues at the multi-billion dollar IT powerhouse, that had been lagging peers on performance and operational metrics quarter-after-quarter. "The morale has been sapped out of Wipro for a year now, and this change in leadership is at least six months overdue," Phil Fersht CEO of HFS Research said in a note. Fersht noted that the new CEO will need to "nail down" his plans quickly, give the firm renewed direction, and convince key stakeholders he is the right ..

Stock Market Highlights, April 8: Sensex soars 494 pts, ends above 74,700 for 1st time; Nifty closes at 22,666; Maruti rises 3%, RIL 2%

Stock market updates on Monday, April 8, 2024: In the broader markets, the BSE MidCap and SmallCap indices closed mixed with the former up 0.26 per cent, but the latter down 0.06 per cent

Stocks to Watch: Healthcare, Titan, UB, Wipro, Zee, Voda Idea, Adani group

Stocks to watch on Monday, April 08, 2024: Shares of healthcare related firms likely to be in focus as Manipal nears acquisition of Medica Synergie.

Srini Pallia's job as Wipro CEO: Drive growth, stem senior-level exits

Pallia joined Wipro in 1992 as product manager and moved to the US in 2000 as general manager, US central

Wipro CEO Thierry Delaporte steps down, Srini Pallia takes charge

Delaporte will continue in his role until the end of May, working closely with incoming CEO Pallia and Wipro Chairman Rishad Premji

Wipro CEO Thierry Delaporte resigns; Srinivas Pallia named successor

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

Wipro aims to become AI-first firm; more than 220K trained in GenAI

Till date, over 220,000 of our employees have completed training on AI fundamentals and the responsible use of AI, said Subha Tatavarti, Chief Technology Officer, Wipro Ltd