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Wipro

Wipro Limited
Wipro
FormerlyWestern India Vegetable Products Limited (1945–1977)
Wipro Products Limited (1977–1982)
Company typePublic
IndustryInformation technology
Consulting
Outsourcing
Founded29 December 1945; 78 years ago (29 December 1945)
FounderAzim Premji
HeadquartersSarjapur Road,
Bangalore
,
India
Area served
Worldwide
Key people
Rishad Premji
(Executive chairman)
Srini Pallia
(CEO)
Services
RevenueDecrease ₹89,760 crore (US$11 billion) (FY24)[1]
Decrease ₹13,609 crore (US$1.6 billion) (FY24)[1]
Decrease ₹11,112 crore (US$1.3 billion) (FY24)[1]
Total assetsDecrease ₹115,245 crore (US$14 billion) (FY24)[1]
Total equityDecrease ₹75,122 crore (US$9.0 billion) (FY24)[1]
OwnerAzim Premji (73.85%)[2]
Number of employees
234,054 (March 2024)[3]
Subsidiaries
Websitewww.wipro.com

Wipro Limited (/ˈvɪproʊ/ ⓘ; stylized in lowercase title) is an Indian multinational technology company based in Bangalore, Karnataka. It provides information technology, consulting and business process services. It is one of the six leading Indian Big Tech companies. Wipro's capabilities range across cloud computing, computer security, digital transformation, artificial intelligence, robotics, data analytics, and other technologies, servicing customers in 167 countries.[4]

History

Early years

The company was incorporated on 29 December 1945 in Amalner by MH Hasham Premji as Western India Vegetable Products Limited, a manufacturer of cooking oils.[5][6][7] In 1966, after Hasham Premji's death, his son Azim Premji dropped out of Stanford University and took over as chairperson at age 21.[8]

The company changed its name to Wipro Products Limited in 1977, followed by Wipro Limited, a syllabic abbreviation of the original name, in 1982.[6]

Shift to IT

In the 1980s, recognizing opportunities in computer hardware and software, the company established subsidiaries Wipro Infotech and Wipro Systems. In 1981, Wipro developed the first Indian minicomputer based on the Intel 8086 chip in an IISc lab.[9][10] The software division began in 1984 with the development of a spreadsheet and word-processing suite but shifted to offshore software development in 1990.[11]

By the mid-1990s, Wipro had become one of India's leading manufacturers of personal computers, peripherals, and medical diagnostic equipment.[12] In 1998, the company reported being the second-largest software exporter from India,[13] and gradually increased its focus on the higher-margin software services business which accounted for the vast majority of its profits.[14]

During the dot-com boom of the early 2000s, Wipro became the most-valued company in India, with a peak market capitalization three times that of the next largest listed company, Infosys. Consequently, Azim Premji's net worth increased significantly, making him the richest Indian for five consecutive years.[15][16]

In 2004, Wipro became the second listed Indian IT company to report annual revenues exceeding US$1 billion.[17] By 2006, approximately 30% of its total revenue came from product engineering R&D services.[18]

In 2007, Wipro introduced a line of supercomputers known as Wipro Supernova.[19] In 2011, Wipro, in collaboration with the Indian Space Research Organisation (ISRO), developed India's then-fastest supercomputer, SAGA-220, which was deployed at the Vikram Sarabhai Space Centre.[20][21]

In 2012, Wipro demerged its non-IT businesses into a new private company named Wipro Enterprises.[22] Prior to this demerger, these businesses—primarily in consumer care, lighting, furniture, hydraulics, water treatment, and medical diagnostics—accounted for about 14% of Wipro's total revenues.[23]

Wipro acquired cloud services company Appirio for $500 million in 2016, technology consultancy Capco for $1.45 billion in 2021, and SAP consulting firm Rizing Intermediate Holdings for $540 million in 2022.

Operations

Wipro operates in over 60 countries and serves clients in industries such as financial services, healthcare, manufacturing, retail, and telecommunications. Major services provided by Wipro are:

  • IT services such as software development, system integration, and IT consulting.[24]
  • Business process services including customer service, finance and accounting, and human resources.[25]
  • Consulting involves advising companies on business strategies, technology solutions, and organizational improvements.[26]
  • Engineering services including product development, research and development, and technical support.[27]
  • Cloud services such as cloud migration, management, and infrastructure services.[28][29]

Acquisitions

Year Company Country Industry Acquisition cost
2005 NewLogic[30] Austria Semiconductor design services €47 million
2006 cMango[31] United States Technology $20 million
2006 Enabler[32] Portugal Consulting €41 million
2007 Infocrossing[33] United States Infrastructure management services $600 million
2008 Citi Technology Services[34] United States Technology $127 million
2012 Promax Applications Group[35] Australia Analytics A$35 million
2014 Atco I-Tek[36] Canada Technology C$210 million
2015 Designit[37] Denmark Design consultancy €85 million
2015 Cellent[38] Germany Consulting €73 million
2016 HealthPlan Services[39] United States Healthcare technology $460 million
2016 Appirio[40] United States Cloud services $500 million
2019 International TechneGroup Inc (ITI)[41] United States Engineering services $45 million
2020 Rational Interaction[42] United States Digital customer experience consultancy Undisclosed
2021 Eximius Design[43] United States Semiconductor engineering services $80 million
2021 Capco[44] United States Technology management consultancy $1.45 billion
2021 Ampion[45] Australia Cybersecurity $117 million
2021 LeanSwift[46] United States Cloud transformation $21 million
2021 Edgile[47] United States Cybersecurity $230 million
2022 Convergence Acceleration Solutions (CAS)[48] United States Consulting $80 million
2022 Rizing Intermediate Holdings[49] United States SAP consultancy $540 million
2024 Aggne Global[50] United States Insurtech $66 million

Listing and shareholding

Old logo of Wipro

Wipro's equity shares have been listed on Bombay Stock Exchange since 1946 and the National Stock Exchange of India where it is a constituent of the NIFTY 50. The American Depositary Shares of the company are listed on the New York Stock Exchange (NYSE) since October 2000.[51]

As of March 2024, the promoter group headed by Azim Premji held a 72.88% stake in the company, while the remaining shares were with public shareholders and an employee trust.[52]

Category Percentage of Holding 31 Mar 2024 [53]
Promoters and Promoter Group 72.88%
Foreign Institutional Investors (FIIs) 9.36%
Retail Investors 8.39%
Insurance companies 4.60%
Mutual Funds 3.53%
Others 1.24%
Total 100%

Employees

As of 31 March 2024, it had 234,054 employees, out of which 36.6% were women. The attrition rate was around 14% during FY 2023-24, against 19% in previous financial year.[54]

Financial year ended Employee count
March 2024 234,054 [54]
March 2023 248,813 [54]
March 2022 236,204 [55]
March 2021 201,665 [55]
March 2020 182,886 [56]

List of CEOs since 1981:[57]

CEO Tenure
Ashok Narasimhan 1981–1988
Ashok Soota 1991–1999
Vivek Paul 1999–2005
Azim Premji 2005–2008
Girish Paranjpe and Suresh Vaswani 2008–2011
T. K. Kurien 2011–2016
Abidali Neemuchwala 2016–2020
Thierry Delaporte 2020–2024
Srini Pallia 2024–present

Sponsorships

Criticism

In February 2023, Wipro faced criticism for reducing the annual salary package of new hires by 50%. This decision affected around 4,000 new hires, leading to backlash from employee unions like NITES, which called the move unfair and lacking transparency. Wipro stated that the revised offer was due to changing business needs and provided an immediate opportunity for candidates to start their careers.[62][63]

References

  1. ^ a b c d e "Consolidated Financial Statements for Q4FY24" (PDF). Wipro. Retrieved 20 April 2024.
  2. ^ "Bloomberg Billionaires Index - Azim Premji". Bloomberg.com. Archived from the original on 29 May 2019. Retrieved 28 May 2019.
  3. ^ "Wipro workforce shrinks for sixth quarter in a row with net decline of 6,180 employees in Q4". CNBC TV18. 19 April 2024. Retrieved 20 April 2024.
  4. ^ "Fitch Affirms Wipro at 'A-'; Outlook Stable". www.fitchratings.com. Retrieved 28 September 2023.
  5. ^ "Wipro: From a vegetable oil maker to an IT major". NDTV Profit. Archived from the original on 17 October 2013. Retrieved 15 November 2013.
  6. ^ a b "Company History of Wipro". Money Control. Archived from the original on 13 November 2013. Retrieved 15 November 2013.
  7. ^ "About Wipro". wipro.com. Archived from the original on 22 September 2017. Retrieved 22 September 2017.
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  9. ^ "Wipro's early years". Rediff. 20 July 2006. Retrieved 16 July 2024.
  10. ^ "Indian IT's pioneering pivot". The Times of India. 9 April 2023. Retrieved 16 July 2024.
  11. ^ "Wipro: From vanaspati to IT leader". The Times of India. 16 April 2004. Retrieved 16 July 2024.
  12. ^ "The PC in India The Desktop Story". Dataquest. Retrieved 16 July 2024.
  13. ^ "Scaling New Highs". Business Standard. 17 August 1998. Retrieved 17 July 2024.
  14. ^ "Wipro software exports increase 49 per cent". Rediff. Retrieved 17 July 2024.
  15. ^ "Wipro becomes most valuable Indian company, Azim Premji the richest Indian ever". India Today. 6 March 2000. Retrieved 16 July 2024.
  16. ^ "India's $30 Billion Man". Forbes. Retrieved 16 July 2024.
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  19. ^ "Wipro Infotech launches supercomputers". The Economic Times. 12 September 2007. Retrieved 19 July 2024.
  20. ^ Chari, Sridhar K. (3 January 2011). "Wipro building India's fastest supercomputer for space agency". Mint. Retrieved 19 July 2024.
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  23. ^ "Wipro gets shareholders nod for demerger". Business Standard. 29 December 2012. Retrieved 19 July 2024.
  24. ^ "Wipro Limited (WIPRO.NS) Company Profile & Facts - Yahoo Finance". Yahoo.com. Retrieved 20 August 2024.
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  30. ^ "Wipro buys NewLogic for $56mn". 19 December 2005. Retrieved 27 August 2024.
  31. ^ "Wipro acquires US-based cMango for $20mn". Business Standard India. 20 February 2006.
  32. ^ McCue, Andy (1 June 2006). "India's Wipro acquires Enabler". ZDNET. Retrieved 27 August 2024.
  33. ^ Ganesh, Venkatesh (7 August 2007). "Wipro buys Infocrossing in largest overseas acquisition". Hindustan Times. Retrieved 27 August 2024.
  34. ^ "Wipro buys Citi Tech for $127m". The Times of India. 24 December 2008. Retrieved 27 August 2024.
  35. ^ "Wipro to acquire Australia's Promax Applications Group for Rs 192 crore". The Economic Times.
  36. ^ "ATCO sells internal IT dept. for $210M, then outsources IT". Canadian Manufacturing. 18 July 2014. Retrieved 27 August 2024.
  37. ^ "Wipro to acquire Designit for €85 million". 9 July 2015.
  38. ^ Mendonca, Jochelle (3 December 2015). "Wipro agrees to buy German IT services company Cellent AG for $78 million". The Economic Times. Retrieved 27 August 2024.
  39. ^ Sen, Anirban (11 February 2016). "Wipro buys US-based HealthPlan Services for $460 million". The Economic Times. Retrieved 27 August 2024.
  40. ^ "Why IT Services Giant Wipro is Snapping up Appirio for $500 Million".
  41. ^ "Wipro to acquire US-based ITI for around Rs 312 crore". The New Indian Express. 5 June 2019. Retrieved 27 August 2024.
  42. ^ "Wipro Digital acquires CX consulting firm Rational Interaction". www.consulting.us. 24 February 2020. Archived from the original on 25 February 2020. Retrieved 25 February 2020.
  43. ^ Doshi, Ankit (15 October 2020). "Wipro to acquire American engineering services firm Eximius for $80 mn". VCCircle. Retrieved 27 August 2024.
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  45. ^ "Wipro Agrees To Buy Australian Cybersecurity Provider; Stock Gains". 1 April 2021. Archived from the original on 17 April 2021. Retrieved 18 August 2021.
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  47. ^ "Wipro to acquire cybersecurity consulting provider Edgile". Mint. 20 December 2021. Retrieved 27 August 2024.
  48. ^ "Wipro acquires consulting firm Convergence Acceleration Solutions for $80 million". Moneycontrol. 12 April 2022. Retrieved 12 January 2024.
  49. ^ Ishwarbharath, Sai (26 April 2022). "Wipro to acquire SAP Consulting firm Rizing for $540 million". The Economic Times. Retrieved 12 January 2024.
  50. ^ "Wipro to acquire US-based insurtech company Aggne Global for $66 million". Moneycontrol. 13 February 2024. Retrieved 13 February 2024.
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  55. ^ a b "integrated-annual-report-2021-22.pdf" (PDF). www.wipro.com. Retrieved 20 August 2024.
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  58. ^ "Infy, Wipro to part-fund Bangalore expressway". Rediff. Retrieved 18 July 2024.
  59. ^ "Wipro to be title sponsor of San Francisco Marathon". Business Standard. 18 April 2012. Retrieved 18 July 2024.
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