Latest news with #Premji
Time of India
6 days ago
- Business
- Time of India
Wipro chairman: Clients adjusting to uncertainty
Representative image BENGALURU: Wipro chairman Rishad Premji stated that the external environment is still volatile, highlighting macroeconomic pressures, tariff uncertainties, and evolving client priorities. "While the environment hasn't worsened, it hasn't improved significantly either. Clients are acclimatising to a world that is inherently more unpredictable," Premji said at the company's 79th annual general meeting (AGM) held virtually on Tuesday. Despite a 2.3 per cent year-on-year decline in FY25's IT services revenue (in constant currency) to $10.5 billion, Wipro reported a 18.9 per cent rise in net income to Rs 13,140 crore and a 90-basis point expansion in operating margins to 17.1 per cent. "The year was marked by disciplined execution and bold investments," Premji added. Wipro CEO Srini Pallia said AI is becoming central to how Wipro delivers value. "Clients want AI-powered solutions that deliver velocity, efficiency, and measurable business outcomes. Every major deal now has AI at its core," he said. Wipro won 63 large deals worth $5.4 billion in FY25 including two mega deals. On the HR front, Wipro is doubling down on building future-ready talent. Nearly 87,000 employees completed advanced training in generative AI, while the company partnered with 63 colleges to redesign curricula and boost industry readiness among graduates. Premji is betting big on the firm's AI-first strategy and deeper client engagement to navigate an uncertain global business environment. Attrition for the year stood at 15 per cent, down from previous years, and the company's subcontractor workforce is steady at 9.5 per cent of total headcount. Leadership development has also taken centre stage. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
7 days ago
- Business
- Time of India
Wipro looking to become consulting-led, AI-powered company, says Rishad Premji
Academy Empower your mind, elevate your skills IT firm Wipro aims to sharpen its focus on becoming a consulting-led, artificial intelligence (AI)-powered organisation, its executive chairman Rishad Premji told the Bengaluru-based company's 79th annual general meeting through videoconferencing on Wednesday, the son of billionaire promoter Azim Premji said 2024-25 was a year of significant change for Wipro as well as the world.'We know the external environment may stay uncertain. But resilient businesses are built during times like these… The macro landscape kept shifting, and technologies like AI were scaling rapidly,' said Premji. 'We're sharpening our focus on becoming a consulting-led, AI-powered organization.'He highlighted that Wipro's acquisition of Capco in 2021 gave the company a strong start in financial services consulting and helped in expansion across other comments came a day ahead of Wipro's first-quarter earnings scheduled to be announced on Wednesday, Wipro's shares closed 2% higher at Rs 262.70 per share on the last week, larger rivals Tata Consultancy Services (TCS) and HCLTech have reported subdued quarterly revenue and profit numbers, respectively, as US tariffs-related uncertainty continued to drive cautious spending by clients of the software service the fourth largest software services provider in the country, reported revenue of $10.5 billion for 2024-25.'Starting from FY26, we expect to return to shareholders at least 70% of the net income cumulatively over a three-year period,' Premji executive Srinivas Pallia, who completed one year at Wipro's helm in April, said as the uncertainty deepened in the fourth quarter of 2024-25 with new headwinds led by tariffs, Wipro is helping its clients define roadmaps, identify AI opportunities and align with their business goals from the start.'We also invested heavily in talent and leadership development through the Wipro Leadership Institute , we are developing high potential talent, moving top performers into critical roles, and we launched a sponsorship programme to help in their growth journey with AI first and AI everything as a guiding approach,' Pallia has built more than 200 agents in partnership with its hyperscalers, he said, adding that Agentic AI is making a tangible impact across the company's internal operations including human resources, finance and legal.
Time of India
7 days ago
- Business
- Time of India
Rishad Premji flags unchanged IT outlook, focuses on AI push
Bengaluru: Wipro chairman Rishad Premji stated that the external environment is still volatile, highlighting macroeconomic pressures, tariff uncertainties, and evolving client priorities. "While the environment hasn't worsened, it hasn't improved significantly either. Clients are acclimatising to a world that is inherently more unpredictable," Premji said at the company's 79th annual general meeting (AGM) held virtually on Tuesday. Despite a 2.3% year-on-year decline in the 2024-25 financial year's IT services revenue (in constant currency) to $10.5 billion, Wipro reported a 18.9% rise in net income to Rs 13,140 crore and a 90-basis point expansion in operating margins to 17.1%. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru "The year was marked by disciplined execution and bold investments," Premji added. Wipro CEO Srini Pallia said AI is becoming central to how Wipro delivers value. "Clients want AI-powered solutions that deliver velocity, efficiency, and measurable business outcomes. Every major deal now has AI at its core," he said. Wipro won 63 large deals worth $5.4 billion in 2024-25 financial year including two mega deals. On the HR front, Wipro is doubling down on building future-ready talent. Nearly 87,000 employees completed advanced training in generative AI, while the company partnered with 63 colleges to redesign curricula and boost industry readiness among graduates. "We are building an AI-first workforce, starting with me," Premji said. Premji is betting big on the firm's AI-first strategy and deeper client engagement to navigate an uncertain global business environment. Attrition for the year stood at 15%, down from previous years, and the company's subcontractor workforce is steady at 9.5% of total headcount. Leadership development has also taken centre stage. "Through the Wipro Leadership Institute, we are identifying and fast-tracking high-potential talent into critical roles," Pallia said. Diversity and inclusion remain integral to Wipro's HR strategy. Women now comprise 37% of the overall workforce and 33% of its independent board members. The company was recognised as a DEI Lighthouse by the World Economic Forum this year. "We are creating a multi-generational, inclusive workplace. Flexibility, well-being, and tailored support have become core to our people's practices," Premji said. Wipro also designed a well-being framework addressing physical health, mental wellness, and work-life balance.
Business Recorder
7 days ago
- Business
- Business Recorder
India IT demand outlook remains uncertain amid US tariff risks, says Wipro chair
BENGALURU: The demand outlook for India's $283-billion IT sector remains uncertain due to U.S. tariff risks and global geopolitical factors, a senior Wipro executive said on Wednesday. 'Customers are getting acclimatised to living in a world that is uncertain,' said Rishad Premji, executive chairman of the country's fourth-largest IT firm by revenue. 'The (overall) environment remains uncertain. It has not gotten any worse but not gotten significantly better at the moment.' He was speaking at the company's annual shareholder meeting ahead of first-quarter results scheduled to be announced on Thursday. Clients have tightened non-essential or discretionary spending and are focussing more on cost-cutting projects enabled through tech, said Premji. Pakistan's software services exports surge to over $1bn for first time Uncertainty around U.S. tariffs have dashed hopes of IT companies of a revival in client confidence and spending in its biggest market. A survey in May showed two in five tech executives had deferred discretionary projects. Premji, however, said green shoots had emerged in pockets in terms of discretionary spending. Indian IT companies have so far reported tepid earnings for the June quarter. Last Thursday, bellwether Tata Consultancy Services missed quarterly revenue estimates as its clients stayed cautious about non-essential spending amid U.S. tariff-related uncertainty. TCS CEO K Krithivasan said delays in decision-making and project starts 'intensified' in the June quarter, adding that it was 'too early' to predict when the growth would resume. HCLTech reported June-quarter profit below analyst estimates on Monday and lowered its operating margin forecast for fiscal 2026.
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Business Standard
16-07-2025
- Business
- Business Standard
Uncertain macro situation stifling discretionary spending: Wipro chairman
The macroeconomic environment for the Indian IT industry 'has not worsened, but it has not got any better' as clients adjust to geopolitical conflicts, said Wipro executive chairman Rishad Premji on Wednesday. An uncertain environment has stifled clients' discretionary spending, with cost and vendor consolidation taking precedence, he said at the company's 79th annual general meeting in Bengaluru. 'While it has not worsened, it has not got any better,' he said while responding to a shareholder's question. Premji's statements mirror those of C Vijayakumar, chief executive officer (CEO) and managing director of HCL Tech, who earlier this week said the global economy has held steady after fears of a tailspin in April. 'We navigated an ever-changing external environment shaped by evolving tariffs, geopolitical tensions, and rapid technological advancements like AI (artificial intelligence). Generative AI (GenAI) became central to business strategy, enhancing productivity, reimagining processes, unlocking growth, and creating meaningful experiences,' said Premji as part of prepared remarks. Wipro, India's fourth largest information technology services provider by revenue, is preparing for the future by building an AI-first workforce. It said nearly all its employees have completed foundational training in GenAI and more than 87,000 have received advanced, role-specific upskilling. (The company had a workforce of 233,346 as of March end). The skilling is done through a programme called Talent@Scale, which has partnered with academic institutions to establish centres of excellence providing industry-aligned training in high-demand skills. Wipro CEO Srini Pallia said the company is working on 'frontier technologies' such as quantum, agentic AI, cyber resilience, robotics, and blockchain. 'We continued to drive impact through consulting-led, AI-powered solutions. Our teams now engage earlier in the transformation journey by defining roadmaps, identifying AI opportunities, and aligning with business goals. 'These solutions span across BFSI, consumer, energy, manufacturing and resources, technology and communications, and health. Cross-industry offerings further strengthen our ability to address complex transformation needs at scale,' said Pallia.
