Wipro

Wipro Limited is an Indian multinational company specialising in information technology, consultancy and business process services. It ranks among the top tech companies in the world. Wipro offers an array of services such as cloud computing, computer security, digital transformation, artificial intelligence, robotics, data analytics and various technology consulting services to clients across 167 countries.

The company is also engaged in manufacturing consumer care products and lighting products. It also offers services in the infrastructure engineering sector.

Wipro was founded on December 29, 1945, by Mohamed Premji in Maharashtra's Amalner. After Mohamed Premji passed away in 1966, his son Azim Premji assumed the position of Wipro's chairperson at the age of 21. Initially, the company was operating as a family-run vegetable oil production business.

In the 1970s and 1980s, the Bengaluru-headquartered company pivoted towards the emerging IT sector in India. In June 1977, it was renamed from Western India Vegetable Products Limited to Wipro Products Limited. In August 1979, Wipro hired its initial team for the infotech division. Within two months, Wipro applied for a licence to create, produce, and sell mini-computers.

In 1982, its name was changed to Wipro Limited. By 1989, Wipro had expanded its product portfolio to include computer systems, consumer goods, and industrial equipment, marking its diversification.

In 1999, Wipro was listed on the New York Stock Exchange. By 2004, Wipro became the second Indian IT company to achieve an annual revenue of $1 billion.

As the global tech market expanded, Wipro delved into IT services and forged partnerships with top tech firms. In 1996, Wipro relocated its headquarters to Bengaluru.

Wipro has emerged as a leading IT and business process outsourcing services provider globally, catering to clients across 65 countries through its over 2.45 lakh workforce.

Wipro's market capitalisation stands at over ₹2.18 lakh crore as of December 13, 2023. Wipro's share price has increased more than 18% in the last three years.

Wipro business operations

Wipro, over the years, has made 25 acquisitions. In 2006, Wipro acquired cMango, a technology company based out of California, in a complete cash deal. In 2015, the IT company acquired Designit, a Denmark-based consultancy, for €85 million. Wipro, in March 2021, acquired Capco, a technology and management consultancy working towards digital transformation within the financial services sector.

To enhance Wipro's SAP cloud practice, a year later, Wipro bought Rizing Intermediate Holdings, Inc. for $540 million again in a complete cash deal.

Recognising the advancements in AI, Wipro in May 2023 entered into an expanded partnership with Google Cloud. The objective is to bring cutting-edge generative artificial intelligence capabilities to clients worldwide.

Azim Premji stepped down from the position of Executive Chairman of Wipro Limited in July 2019 paving the way for his son Rishad Premji to succeed as the Chairman.

Financial highlights

Consolidated revenue of the company increased 14% to ₹90,487 crore in FY23 from ₹79,321 crore in the previous fiscal year. The company recorded a profit of ₹11,372 crore in FY23, a decline from ₹12,237 crore in FY22. Its earnings before interest and taxes (EBIT) marginally increased to ₹15,779 crore in FY23 compared to ₹15,667 crore in FY22. The company’s total capital expenditure in FY 23 stood at ₹76,974 crore. The company's earnings per share (EPS) dropped to ₹20.73 in FY23 from ₹22.37 in FY22.