Wipro

Wipro
Rameshng · CC BY-SA 3.0 · source
Name	Wipro
Type	Public company
Traded as	507685, WIPRO, WIT
Industry	Information technology, Consulting
Founded	29 December 1945 in Amalner, Bombay Presidency, British India
Founder	M. H. Hasham Premji
Hq location	Sarjapur Road, Bangalore, Karnataka, India
Key people	Rishad Premji (Chairman), Srinivas Pallia (CEO & MD)
Products	IT services, Business process outsourcing, Consulting, Cloud computing
Revenue	▲ 903.9, b
Num employees	~244,000 (2024)

Wipro is a leading global information technology, consulting, and business process services company headquartered in India. Founded in 1945, it has grown from a vegetable oil manufacturer into one of the world's largest IT services firms, known for its comprehensive portfolio of digital transformation solutions. The company is publicly traded on the Bombay Stock Exchange, the National Stock Exchange of India, and the New York Stock Exchange, and is a constituent of the BSE SENSEX and NIFTY 50 indices.

History

The company was established on 29 December 1945 by M. H. Hasham Premji as Western India Vegetable Products Limited in Amalner, Maharashtra, focusing on the production of vanaspati and soaps. Following the founder's death in 1966, his son Azim Premji took over leadership and began diversifying the business. A pivotal shift occurred in the late 1970s and early 1980s, when it entered the information technology sector, capitalizing on the growing demand for computer hardware and software in India after IBM's exit. This transformation was marked by a partnership with Sentinel Computer Corporation and the launch of its first indigenous minicomputer in 1981. The company was renamed Wipro Limited in 1982 and subsequently listed on the Bombay Stock Exchange. Under Azim Premji's decades-long stewardship, it executed a strategic exit from its consumer goods divisions to become a pure-play IT services powerhouse, completing major acquisitions like American Express's IT outsourcing division and Infocrossing.

Operations and services

Wipro operates through a global network of delivery centers across the Americas, Europe, the Middle East, Africa, and the Asia-Pacific region, serving clients in over 60 countries. Its service offerings are organized into several key segments: IT Services, which includes application development, systems integration, and enterprise application services; Consulting, providing digital and technology strategy through Wipro Digital and Capco; and Business Process Services, encompassing industry-specific outsourcing solutions. The company has developed deep capabilities in next-generation technologies such as artificial intelligence, cybersecurity, data analytics, cloud computing (through its Wipro FullStride Cloud platform), and engineering R&D. It maintains strategic partnerships with major technology firms including Microsoft, Google, Amazon Web Services, Salesforce, and SAP.

Corporate affairs

Wipro is governed by a board of directors chaired by Rishad Premji, with Srinivas Pallia serving as the Chief Executive Officer and Managing Director. The company's global headquarters are located on Sarjapur Road in Bangalore, Karnataka. Its corporate structure includes several wholly-owned subsidiaries and acquired entities that operate in specialized domains, such as the design firm Designit and the cloud consultancy Appirio. Wipro has been recognized for its corporate governance standards and workplace policies, though it has also been involved in legal disputes, including a notable lawsuit against its former chief financial officer, Jatin Dalal, regarding non-compete agreements. The company's major institutional shareholders include Life Insurance Corporation of India and various mutual funds managed by HDFC and ICICI Prudential Mutual Fund.

Financial performance

For the fiscal year ending 31 March 2024, Wipro reported consolidated revenue of , with a significant portion derived from its operations in the Americas. The company's financial results are segmented by service lines and geographic regions, with IT Services constituting the overwhelming majority of its income. Key financial metrics include its market capitalization, which ranks it among the most valuable companies on the National Stock Exchange of India. Wipro has a consistent history of paying dividends to its shareholders and has undertaken share buyback programs in recent years. Its financial strategy focuses on maintaining profitability through operational efficiency, strategic investments in high-growth sectors, and managing currency hedging due to its large international revenue base.

Corporate social responsibility

The company's social initiatives are primarily channeled through the Azim Premji Foundation, established in 2001, which focuses on improving the quality and equity of school education in India. The foundation works in partnership with various state governments across India and has established the Azim Premji University in Bangalore. Wipro's sustainability efforts, under its 'Wipro Earthian' program, promote environmental education and biodiversity conservation. The company has committed to ambitious goals for carbon neutrality, renewable energy usage, and water positivity across its campuses. It has received recognition for its corporate social responsibility (CSR) programs, including awards from the Confederation of Indian Industry and inclusion in the Dow Jones Sustainability Indices.