Wipro

Wipro Limited (NSE: WIPRO) is an Indian technology services, consulting, and outsourcing company. As of May 2024, Wipro had operations across 65+ countries, serving a client base of over 1,400. The company was initially founded as a vegetable oil manufacturer in 1945 and was originally known as Western India Vegetable Products Limited (rebranded in 1982). Wipro was publicly listed on the NYSE in 1999. It generated INR 898 billion (~USD 11 billion) in revenue for FY2024 (year ended March 31).

Wipro operates under the following segments:

• IT Services (99.5% of total revenue in FY2024): Provides a range of IT and IT-enabled services, which include digital strategy advisory, customer-centric design, consulting, custom application design, development, re-engineering and maintenance, systems integration, package implementation, global infrastructure services, analytics services, business process services, R&D, and hardware and software design. Key geographies where the company offers IT services are the Americas (~60% of total revenue in FY2024), Europe (~28%), and Asia Pacific, the Middle East, and Africa (APMEA; ~12%). 

• IT Products (~0.5%): Provides a range of third-party IT products, including computing, platforms and storage, networking solutions, enterprise information security, and software products, including databases and operating systems. This segment complements the IT Services segment offering.

The company merged its India State Run Enterprise (ISRE) segment with its IT Services segment, effective April 1, 2023, to focus on broader service offerings, including digital transformation, cybersecurity, engineering services, and consulting services. In February 2023, Wipro reorganized into four global business lines: FullStride Cloud, Enterprise Futuring, Engineering Edge, and Consulting to deepen alignment with client priorities and drive growth in its strategic areas. 

On a strategic front, Wipro focuses on partnerships and acquisitions to expand its business. It has collaborated with BigTech players such as AWS, Microsoft, Google, Salesforce, SAP, and ServiceNow to develop innovative solutions. For instance, in May 2024, the company entered a strategic collaboration with Microsoft to launch a suite of GenAI-powered virtual assistants for financial services. Wipro Ventures, the strategic investment arm of Wipro, leads all M&A investment deals in enterprise software and cybersecurity startups. On the sustainability front, the company plans to achieve net-zero GHG emissions by 2040 and has set an interim goal of a 55% reduction in GHG emissions by 2030 (from a 2017 base line).