Wipro, one of the leading technology services and consulting companies, has now officially announced its financial results for the quarter that ended last month on 30th September 2024. The report reveals that the company attained a quarter over quarter(QoQ) net income growth of 6.8% and year over year(YoY) net income growth of 21.3%.

Here’s more about Wipro’s Q2 financial results report.

Wipro – Q2 Financial Results

Wipro seems to have had a fruitful time during the second quarter of this financial year when compared to the previous quarter, achieving a gross revenue of INR 223.o billion (~ USD 2,662.6 million), which is a 1.5% QoQ increase (but 1.0% YoY decrease).

The revenue from IT services is reported to be USD 2,660.1 million (1.3% QoQ increase and 2.0% YoY decrease), and the total bookings reached USD 3,561 million with large deal bookings of USD 1,489 million (28.8% QoQ increase and 16.8% YoY increase in constant currency). The non-GAAP^2 constant currency IT services segment revenue increased by 0.6% in this quarter (2.3% YoY decrease), and the IT services operating margin of Q2 was 16.8% (0.3% QoQ increase and 0.7% YoY). The net income of Wipro thereby reached INR 32.1 billion (~ USD 383.1 million), a 6.8% QoQ increase and 21.3% YoY increase. The earnings per share was at INR 6.14 (~ USD 0.07) for the quarter.

Moreover, the operating cash flows of INR 42.7 billion (~ USD 509.7 million) and 14.5% voluntary attrition on a 12-month trailing basis were further highlights of Q2 for Wipro. The board of directors of the company also recommended the issue of bonus shares to its shareholders in 1:1 ratio.

With respect to Wipro’s Q2 performance, the CEO and Managing Director – Srini Pallia revealed that it was with strong execution of plans that the company was able to meet its revenue growth, bookings, and margins expectations, surpassing USD 1 billion large deal bookings again. Do note that the company won several large and strategic deals across many industries. The Chief Financial Officer – Aparna Iyer on the same note also said that she is pleased with the company’s overall performance. Wipro’s margins expanded by 35 basis points, EPS grew by 6.8% (QoQ), operating cash flows were at 132.3% of Q2 net income, and cumulatively, about USD 1 billion in operating cash flow was generated in the first half of the financial year.

For the next quarter (Q3, ending on 31st December 2024), Wipro is expecting a revenue ranging between USD 2,607 million to USD 2,660 million, translating to sequential guidance of (-) 2.0% to 0.0% in terms of constant currency.

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The Indian IT sector witnessed a notable upswing today, with major players Infosys, Wipro, TCS, and Tech Mahindra leading the charge in market capitalization gains. Here’s a breakdown of how much each tech giant added to its market cap:

Infosys

Stock Price: ₹1,943.65 (+2.65%)

Market Cap Gain: ₹21,960 crore

Infosys’ shares surged by 2.65%, pushing its total market capitalization to ₹8,07,032.02 crore. The stock opened at ₹1,889.55 and climbed to a high of ₹1,944.85, reflecting strong investor sentiment.

Wipro

Stock Price: ₹540.50 (+1.95%)

Market Cap Gain: ₹5,495 crore

Wipro added ₹5,495 crore to its market capitalization, which now stands at ₹2,82,756.24 crore. The stock opened at ₹528.05, touched a high of ₹541.95, and maintained positive momentum throughout the session.

Tata Consultancy Services (TCS)

Stock Price: ₹4,291.40 (+1.39%)

Market Cap Gain: ₹20,190 crore

TCS saw a 1.39% rise in its stock price, bringing its market capitalization to ₹15,53,190.70 crore. The stock traded between ₹4,225.00 and ₹4,298.00, further bolstering the IT sector’s rally.

Tech Mahindra

Stock Price: ₹1,646.45 (+2.64%)

Market Cap Gain: ₹4,258 crore

Tech Mahindra’s stock surged by 2.64%, leading to a market cap increase of ₹4,258 crore, now totaling ₹1,61,158.63 crore. The stock opened at ₹1,591.00 and reached a high of ₹1,646.80 during the session.

These gains reflect a renewed optimism in the IT sector, as investors seem confident in the future growth prospects of these leading tech companies.

Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.

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Wipro witnessed a solid rise in its stock price today, gaining 1.95% to reach ₹540.50 as of 12:00 PM. The company’s total market capitalization increased by approximately ₹5,495 crore, now standing at ₹2,82,756.24 crore.

Wipro’s stock opened at ₹528.05, slightly below the previous close of ₹530.15, but saw consistent upward momentum, reaching a high of ₹541.95 during the session. The stock’s lowest point of the day was recorded at ₹528.05.

Disclaimer: This information is for informational purposes only and should not be considered investment advice. Please consult a financial advisor before making any investment decisions.

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Wipro Limited, a leading technology services company, announced on August 30, 2024, that Srikumar Rao will become the Global Head of its Engineering Edge Business Line, effective October 5, 2024. Rao, a 26-year Wipro veteran, replaces Harmeet Chauhan and will report to CEO Srini Pallia.

Previously serving as COO of Wipro Engineering Edge and Global Practice Head of Embedded Systems, Rao will now lead Wipro’s Engineering, Research, and Development (ER&D) Services business. His journey from campus recruit to multiple leadership roles within Wipro underscores the company’s commitment to internal talent development.

In his new position, Rao will focus on scaling Wipro’s engineering capabilities and implementing AI-first strategies across the organization. As a member of NASSCOM’s ER&D Executive Council, Rao brings valuable industry insights to his role.

Based in Bengaluru, India, his appointment signals Wipro’s dedication to strengthening its position in the competitive ER&D services market and driving innovation in the technology sector.

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If you want a good light in your room, then you must have the Wipro D532065_2 Garnet 20-Watt Cool Day Light LED Batten. Don’t freak out about the price; it has an amazing deal on Amazon. Let’s talk about the price.

It was launched with an MRP of Rs. 790 but Amazon is offering it at a flat 51% OFF and you save even more with bank offers; 10% Instant Discount up to INR 300 on City Union Bank Mastercard Debit Card, so the effective price would be Rs. 300. So before going to buy can we look at the specifications?

Specifications

• Include: 2 Batten
• Wattage: 20 watts
• Warranty: 1 Year
• Material: Polycarbonate, Color: Cool Day Light
• Color Temperature: 6500K, Lumens: 2000lm; Brightest LED batten with efficacy upto 110 Lm/W
• Slim design with decorative end cap. High-performance diffuser for soft and glare-free light
• Wattage: 20watts, Operating Voltage: Driver with high voltage protection upto 380VAC; Surge protection upto 2.5KV

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Unlike HCL Technologies, which was founded in 1991 and is now almost 80 years old, Wipro was founded in 1945 as a producer of vegetable oils.
In order to adapt to the changing business environment, it became an IT company in the 1970s and 1980s.

HCL Tech has a somewhat lower operational budget than Wipro because it has 2.1 lakh employees as opposed to 2.5 lakh at Wipro.
High attrition rates, supply chain issues, soaring prices, and the Russia-Ukraine war have all hurt the Indian IT sector, which had an unprecedented boom in the preceding two years.

In terms of sales, Shiv Nadar’s HCL Technologies has placed third among Indian IT companies for the past four years. The market never regarded Wipro as the third-largest IT company, despite the fact that it had held that position.
It is no longer true because HCL Tech outperformed Wipro and has a larger market cap than Wipro (around 2.5 lakh crore as opposed to 2.2 lakh crore).

The fact that HCL Tech trounced Wipro despite neither company’s stock rising significantly this year is remarkable. Simply said, shares of HCL Tech have decreased much more gradually than those of Wipro.
These two companies have experienced more than just a breakdown. Every IT stock fell this year, with Wipro performing the worst.

JP Morgan changed its assessment of the Indian IT sector from “overweight” to “underweight” as a result; in its study, the investment bank predicted that revenue has peaked and margins will continue to be pressured. The June quarter statistics also support its previous warning that the recession will worsen in FY23.

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According to sources, Infosys, India’s second-largest IT services company, has reduced the average variable compensation of employees to around 70% for the June quarter due to margin pressure and rising labor expenditures.

Wipro recently delayed variable pay for employees due to margin pressure, inefficiency in its personnel supply chain, and investment in technology. Tata Consultancy Services a larger rival, has reportedly delayed quarterly variable compensation payouts for some employees by a month.

According to reports, Infosys has lowered variable pay for the June quarter, or Q1FY23, to around 70%, and staff has been told.

Infosys reported a lower-than-expected 3.2 percent increase in June’s quarterly net profit due to rising costs last month. However, citing solid demand and a robust deal pipeline, the company boosted its full-year revenue growth forecast to 14-16%.

The company maintained its margin forecast of 21-23 percent but stated that due to the rise in costs, it will be at the lower end of the margin outlook. In Q1 FY23, Infosys’ operating margins were over 20%.

In the Q1 earnings report, Infosys’ Chief Financial Officer, Nilanjan Roy, stated that the company is fueling the strong growth momentum with smart investments in personnel through recruiting and competitive compensation revisions.

“While this will impact margins in the immediate term, it is expected to reduce attrition levels and position us well for future growth,” Roy had said.

Wipro has also reduced variable pay for employees due to margin pressure. Managers at the C-suite level of the company will not receive any variable pay, while employee grades ranging from freshers to team leaders would receive 70% of total variable pay, according to sources familiar with the situation.

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Azim Hashim Premji (born July 24, 1945) is a former chairman of Wipro Limited and an Indian businessman, investor, engineer, and philanthropist. Premji remains a non-executive member of the board and the company’s founder. He is known colloquially as the Czar of the Indian IT Industry.

He was in charge of guiding Wipro through four decades of diversification and growth, eventually establishing the company as one of the world’s leaders in the software industry. In 2010, Asiaweek named him one of the world’s 20 most powerful men. He was named to Time magazine’s list of the 100 most influential people twice, once in 2004 and again in 2011. For many years, he has been named one of The 500 Most Influential Muslims.

According to the Bloomberg Billionaires Index, he is one of India’s wealthiest people, with a net worth of $32.8 billion. By signing the Giving Pledge in 2013, he agreed to give away at least half of his wealth. Premji began by donating $2.2 billion to the Azim Premji Foundation, which focuses on education in India. He was ranked first on the EdelGive Hurun India Philanthropy List for 2020. After donating a large sum to charity, he fell from second to 17th place on the Forbes India Rich list in 2019.

Here are he top quotes by Azim Premji:

• Excellence endures and sustains. It goes beyond motivation into the realms of inspiration.
• The three ordinary things that we often don’t pay enough attention to, but which I believe are the drivers of all success, are hard work, perseverance, and basic honesty.
• The customer is a remarkably selfish person: He takes the relationship to where the execution is in his favour.
• The important thing about outsourcing or global sourcing is that it becomes a very powerful tool to leverage talent, improve productivity and reduce work cycles.
• Talent is in short supply everywhere. At Wipro, we are training non-engineers to be engineers.
• When you are under pressure, you make the bold steps faster; you don’t make the bold steps slower.
• All our hiring staff are trained to interview in English. They’re trained to look for Westernized segments because we deal with global customers.
• Character is one factor that will guide all our actions and decisions.
  We invested in uncompromising integrity that helped us take difficult stands in some of the most difficult business situations.
• The responsibility of philanthropy rests with us. The wealthier we are, the more powerful we get. We cannot put the entire onus on the government.
• People are realistic enough to appreciate what the market values of different people are.
• People are the key to success or extraordinary success.
• One of the prerequisites for children becoming proactive and responsible citizens is the availability of enough role models inside and outside the school.
• You cannot mandate philanthropy. It has to come from within, and when it does, it is deeply satisfying.
• The test of our social commitment and humanity is how we treat the most powerless of our fellow citizens, the respect we accord to our fellow human beings. That is what reveals our true culture.

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As soon as the Business Tycoons are spelled, the very first thought that comes to our mind is the personalities from IT backgrounds. India has a high tradition of entrepreneurship and enterprise, dating back to the early 20th century. Undoubtedly India has produced numerous billionaire entrepreneurs. Among those, we will discuss the top tycoons from the IT sector.

And as the IT sector is ever-growing, it has even started dominating other sectors of the economy. The advent of the Covid-19 pandemic has given this sector a positive blow to growth.

Shiv Nadar –

• Shiv Nadar is an Indian IT pioneer who co-founded HCL Technologies Ltd., in 1976. Interestingly, HCL now among India’s largest software service providers, was started from the garage.
• He has been conferred Padma Bhushan for his efforts in the IT industry.
• As a philanthropist, he put his efforts into developing the educational system of India through the Shiv Nadar Foundation.
• He is the third richest person in India and the 40th richest person in the world.
• His net worth is $32.8 billion, as of 2022, as per sources.
• HCL technologies employ around 169,000 people in 50 countries.

Azim Premji –

• Azim Premji was the chairman of Wipro Limited and remains the chairman founder of the Indian tech giant.
• He is known as the ‘Czar’ of the Indian IT Industry which means ruler or emperor, in Russia.
• He is among the richest men in India with an estimated net worth of US$32.8 billion according to sources.
• Being a great philanthropist, he believes that being rich “did not thrill” him. As of his ideology, he became the first Indian to sign up for The Giving Pledge. This campaign is to encourage the richest personalities to make a commitment to give most of their wealth to philanthropic causes.

N. R. Narayan Murthy – 

• Nagavara Ramarao Narayana Murthy legendary co-founder of Infosys, in 1981.
• He did a master’s degree from IIT, Kanpur.
• He has been conferred with the Padma Vibhushan and Padma Shri awards for his contribution to the IT sector.
• He is described as the “father of the Indian IT sector” by Time Magazine.
• His net worth is estimated at US$4.3 billion, as of October 2021, per sources.

Senapathy Gopalkrishnan – 

• Senapathy Gopalkrishnan also cofounded Indian tech giant Infosys, with Narayan Murthy.
• After serving from Infosys, Krishnan remains active in promoting the startup ecosystem in India.
• As a philanthropist, he is supporting research and studies in the fields of-  brain sciences,  and healthcare in India.
• He has received both master’s degrees – M.Sc and M.Tech from IIT, Madras.

Byju Raveendran and Divya Gokulnath –

• Raveendran is among the youngest richest personalities in India.
• He and his wife Divya Gokulnath founded Byju’s in 2011. Byju is a edtech company.
• With a net worth of 250 crores USD, as of 2022.
• The student base of Byju has grown to 100 million students. It also has around 6 million annual paid subscriptions.
•  It had investments from top tech companies -Tencent, Tiger Global, and even from Mark Zuckerberg, in July 2021.

Sridhar Vembu & Siblings –

• Sridhar Vembu is the founder and CEO of  Zoho, founded in 1996.
• He is the 59th richest Indian in the world with a net worth of US$2.5 billion, as of 2020(Forbes report).
• Vembu has studied Ph.D. in electrical engineering (Princeton) and started his career at Qualcomm.
• Zoho Corporation is Indian MNC that makes a web-based business tool. Popular for its online office suite.
• Zoho has more than 60 million users worldwide, as per sources.

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Set to be its greatest ever buyout, Wipro will secure London-settled Capco in a USD 1.45 billion (generally Rs. 10,5700 crores) bargain as the Indian IT significant tries to turn into a “bolder and yearning” organization just as rake in higher incomes from banking and monetary administrations space.

Reporting the arrangement on Thursday, Wipro said the securing will give it admittance to 30 new huge banking and monetary customers and reinforce its situation in the Banking, Financial Services, and Insurance (BFSI) area.

“… significant declaration of a groundbreaking procurement, the biggest in our set of experiences as Wipro. We will obtain Capco for estimation of USD 1.45 billion (generally Rs. 10,570 crores). Capco will bring to us over USD 700 million (generally Rs. 5,100 crores) in income, and more than 5,000 counseling and space experts based across the globe,” Wipro Chairman Rishad Premji said during an investigators’ call.

He additionally noticed that with this securing, Wipro will join a select group of specialist co-ops that bring an incorporated and start to finish consultative advanced, cloud, and IoT change arrangement at scale to clients.

“The banking and monetary administrations industry is our biggest area internationally, and a high need and development section for us…Capco will get critical scale our BFSI business, an exceptionally integral arrangement of administration contributions, making an extraordinary blend of counseling and space drove aptitude with scale, computerized innovation and tasks. This, we accept, will drive quickened development,” he said.

The BFSI section represented more than 30% of Wipro’s IT administration’s income in the December 2020 quarter that remained at USD 2,071 million (generally Rs. 15,090 crores).

Wipro has followed a forceful securing methodology over the course of the years to reinforce its business. During the monetary year 2020-2021, Wipro has purchased/procured a stake in Eximus for USD 80 million (generally Rs. 580 crores), 4C for EUR 68 million (generally Rs. 590 crores), and IVIA for USD 22.4 million (generally Rs. 160 crores), and Chennai-based Encore Theme Technologies for 83.4 percent value stake for up to Rs 95 crore.

The arrangement will extend Wipro’s quality into a bunch of enormous key clients that are exceptionally correlative to the organization’s current client base just as give a stage to use the profound connections that Capco has worked throughout the years with CXOs and business heads of a few huge clients, Premji clarified.

The arrangement additionally comes when organizations all around the world are wagering on innovation and expanding their spending on advanced to help development during the pandemic.

“I had imparted to you that you will see a striking Wipro, a more yearning approach, one that will be more danger taking, one that won’t be hesitant to stir up the applecart to settle on intense decisions to put resources into profound tech. Also, to plan for an impressive future. This obtaining fits well into that system and will clear the way of building a strong tomorrow for Wipro,” he said.

Wipro CEO Thierry Delaporte said the exchange is being financed through inward money and obligation, and that the securing is dependent upon administrative endorsements. It is required to shut in the quarter finishing June 2021, subject to imperative administrative endorsements and standard shutting conditions.

After consummation of the exchange, it will be EPS (Earnings Per Share) accretive from the third year onwards.

Delaporte called attention to that there are five reasons concerning why Capco is an incredible fit for the organization.

“Procuring Capco causes us to develop our worldwide monetary administrations business, which is our biggest sections from USD 2.5 billion (generally Rs. 18,200 crores) to USD 3.2 billion (generally Rs. 23,300 crores), with a solid counseling impression. Scale matters and builds up our market importance,” he said.

Delaporte added that the exchange will likewise help in development increasing speed because of the integral client profile among Capco and Wipro’s BFSI business, and cooperative energy in the arrangements offered by the two firms.

Furthermore, Wipro will actually want to use the connections that Capco has with key leaders at the board level (CEOs and so on) just as admittance to the “outstanding” ability of the London-based organization.

Capco CEO Lance Levy said the organizations will together offer bespoke groundbreaking start to finish arrangements, presently controlled by inventive innovation at scale, to make another driving accomplice to the monetary administration’s industry.

“We anticipate utilizing the correlative abilities and comparative societies of the two organizations to drive industry change and offer energizing freedoms for both our customers and our kin,” Levy said.

Capco will keep on working as a different element under the administration of Levy, who will answer to Delaporte.

“To guarantee that we influence connections, mastery, and abilities, we will have an incorporated procedure and execution approach for regular customers. While we work in the model, we will learn together,” Delaporte said.

He added that the procurement will influence Wipro’s IT administration’s edge by 2% in FY22, an enormous segment of which is a non-money charge.

Wipro, in an administrative recording, said customers will profit by a mix of its abilities in the essential plan, area and counseling, advanced change, cloud, network protection, information, and IT administrations with Capco’s profound space and counseling capacities across banking, installments, capital business sectors, protection, hazard, and administrative contributions.

Established in 1998, Capco works with in excess of 100 customers and has some long-standing associations with the world’s driving monetary foundations. It has more than 5,000 specialists situated in excess of 30 worldwide areas across 16 nations. The organization’s merged incomes for the year finished December 2020 was USD 720 million (generally Rs. 5,250 crores).

The arrangement will require against trust endorsements under the opposition laws of the US, Germany, Canada, Brazil, and Austria alongside other administrative endorsements, the recording said.

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