About
Wipro Ltd
Wipro Ltd is India's one of the leading tech-companies,providing IT Services, including Business Process Outsourcing (BPO) services, globally. The company provides comprehensive IT Solutions and Services, including Systems Integration, Information Systems Outsourcing, IT Enabled Services, Package Implementation, Software Application development and maintenance, and Research and Development Services to corporations globally.
The company is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. In the Indian market, they are a leader in providing IT Solutions and Services for the corporate segment in India, offering System Integration, Network Integration, Software Solutions and IT Services. In the Asia Pacific and Middle East markets, they provide IT Solutions and Services for global corporations. The company is headquartered in Bangalore, India.
The company provides the integrated business, technology and process solution on a global delivery platform to customers across Americas, Europe, Middle East and Asia Pacific. They offer business value to clients through process excellence and service delivery innovation such as Information Technology services, Product Engineering services, Technology Infrastructure services, Business Process Outsourcing services and consulting services.
During the financial year 2013, Wipro carried out demerger of consumer care and lighting, infrastructure engineering businesses and other non IT business of the company. After the demerger, Wipro became a company focused on the IT services business.
Wipro Ltd was incorporated in the year 1945 at Karnataka by Azim H Premji who is promoter and chairman of the company. The company started as an edible oil producer and then transformed itself into leading player in Fast Moving Consumer Goods and IT services & Products business. During the year 1994-95, the company secured ISO 9001 certification for their five manufacturing and development facilities.
In February 2001, the company became the first software technology and services company in India to be certified for ISO:14001 certification for complying with the international standards for Environmental Management System (EMS) in three major software development and technology centers in Bangalore. Wipro Technologies won the 'Banker Technology Award' for the year 2004 Instituted by the Financial Times in the 'Risk Management Award' category.
During the year 2005-06, the company acquired mPower Software Services Inc, a Princeton, New Jersey, US headquartered company with a development center in Chennai and MPACT Technology Services Pvt Ltd, based in Chennai, for an all cash consideration of USD 28 million. Also, they acquired New Logic Technologies AG, an Austrian firm which is mainly engaged in the semiconductor IP business and the Engineering Design Services business including the Analog Mixed Signal Business for an all cash consideration of Euro 26 million. The company received the BEST award from American society for training & development (ASTD) for three consecutive years 2004, 2005 and 2006.
During the year 2006-07, the company acquired US based Quantech Global Services LLC and the India based Quantech Global Services Ltd for a cash consideration of approximately USD 3 million. They acquired US based CMango Inc and India based CMango India Pvt Ltd for cash consideration of USD 20 Million. They also acquired Finland based Saraware Oy Middle East and SAARC operations of 3D Networks and Planet PSG during the year.
In their Consumer Care and Lighting business, the company acquired North-West Switches business from North- West Switchgear Ltd, a company in the business of switches, sockets, MCBs etc. for an upfront cash consideration of Rs 1,022 million. In the Infrastructure Engineering business, they acquired Hydrauto Group AB for a cash consideration of USD 31 million. The company in partnership with Motorola and formed a joint venture namely WMNETSERV Ltd for delivering world-class managed Services to telecom operators in the area of network operations.
During the year 2007-08, as per scheme of amalgamation, Wipro Infrastructure Engineering Ltd, Wipro Healthcare IT Ltd, Quantech Global Services Ltd mPact Technology Services Pvt Ltd, mPower Software Services (India) Pvt Ltd and cMango India Pvt Ltd were amalgamated with the company with effect from April 1, 2007. The company in association with DAR Al-Riyadh Holding Co Ltd formed a joint venture namely Wipro Arabia Ltd, for providing application development, implementation and maintenance services, systems integration and data storage services in the Kingdom of Saudi Arabia.
During the year, the company acquired 100% shareholding in Unza Holdings Ltd, a Singapore based Fast Moving Consumer Goods company together with their subsidiaries for an all cash consideration of approximately USD 246 million. They acquired US-based provider of IT infrastructure management, enterprise application and business process outsourcing services, for an acquisition price of about USD 600 million. They also acquired OKI Techno Centre Singapore Pte Ltd (now called as Wipro Techno Centre Singapore Pte Ltd) in an all cash deal of USD 2.5 million.
During the year 2008-09, the company invested an aggregate of USD 432 million as equity, in their direct subsidiaries Wipro Cyprus Pvt Ltd, Wipro Holdings (Mauritius) Ltd, Wipro Inc and Wipro Technology Services Ltd. They also re-structured a few of their overseas subsidiaries and merged them with their holding company in the US. In January 2009, the company acquired Wipro Technology Services Ltd (formerly called as Citi Technology Services Ltd) for USD 127 million.
During the year 2009-10, Wipro Networks Pte Ltd, Singapore and WMNETSERV Ltd, Cyprus were amalgamated with the company with effect from April 1, 2009. In August 2009, the company entered into partnership with Lavasa Corporation Ltd for planning, implementing and managing Information and Communication Technology services across Lavasa City.
In October 2009, the company signed an agreement with Delhi International Airport Pvt Ltd and formed a joint venture company namely Wipro Airport IT Services Ltd. Also, Wipro GE Healthcare Pvt Ltd, the joint venture between the company and GE Healthcare, transformed their business by integrating several existing stand-alone business units and manufacturing plants of GE Healthcare in India under Wipro GE Healthcare Entity.
In November 2009, the company signed an agreement to acquire the 'Yardley' Brand business in Asia, Middle East, Australia and certain African markets from UK based Lornamead Group. In March 2010, they won a turnkey project from the Financial Intelligence Unit - India, Ministry of Finance, Government of India. As part of the project, the company will implement FiNnet (Financial Intelligence Network) for FIU-IND.
In April 2010, the company signed a partnership agreement with Philips to offer Blu-ray middleware and solution development services around Philips' developed Blu-ray technology. In May 2010, the company and Oracle Corporation launched a co developed solution, a Process Integration Pack (PIP) for the High Technology industry. This solution is part of Wipro's offerings that provide a comprehensive solution footprint for the High Technology industry. They entered into a co-innovation agreement with SAP AG to develop and deliver sustainability management and energy management solutions to enterprise customers globally.
In June 2010, the company's Business Process Outsourcing division partnered with Microsoft Corporation for providing global Legal Process Outsourcing (LPO) for Microsoft's Intellectual Property (IP) portfolio. The company launched Wipro Hospitality Management Solution at HITEC 2010, the conference for the Hospitality and Leisure industry. In July 2010, the company in association with Lavasa Corporation Ltd and Cisco Systems Inc signed definitive agreements for Cisco to participate in MyCity Technologies Ltd to provide information and communications technology services in the new development of Lavasa City.
In August 2010, the company entered into a five year agreement with ArcelorMittal, the steel company, to consolidate and migrate their messaging systems to the Microsoft Exchange 2010 messaging platform. In September 2010, the company signed five year strategic partnership with Central Bank of India for providing core banking solution for seven sponsored regional rural banks. The company will deliver business-IT alignment by deploying and implementing the core banking solution and the identified delivery channels seamlessly. They will also set up a 24 hour centralized helpdesk facility for the project, covering applications, data center, networks, security and end user systems.
During the year 2010-11, the company re-structured a few of their subsidiaries including overseas subsidiaries through merger/other legal process. Wipro Yardley consumer care Pvt Ltd, a subsidiary company got merged with Wipro Ltd with effect from April 1, 2010, being the appointed date.
In December 2010, the company signed a contract with Vodafone Essar. As a part of this strategic engagement, the company will support Vodafone Essar with its fixed line telecom services for enterprise business customers. Wipro will provide a wide range of services including network design and build, integration with existing IT OSS/ BSS applications and managed services if the setup over three years. In addition, Wipro will also build an Enterprise Network Operation Center to manage the operations of Vodafone Essar's enterprise customers.
In January 2011, the company and Callidus Software Inc entered into a partnership to drive sales performance management across organizations in the Asia-Pacific region. In May 2011, the company signed an agreement to acquire majority stake of Brazil based Hydraulic Cylinder manufacturer R.K.M. EQUIPAMENTOS HIDRAULICOS LTDA. In June 10, 2011, the company acquired the Commercial Business Services Business Unit of Science Applications International Corporation (SAIC).
In 2012, Australia-based MMG Selects Wipro as Strategic Partner. Wipro Acquires L.D.Waxson with Skincare brands Bio-essence & Ginvera. Wipro Tech joined Car Connectivity Consortium (CCC) to develop smartphone-based connected-car solutions. Wipro Technologies and Oracle joined hands to offer next gen Oracle Fusion HCM solution. In a bid to capture the growth in fast emerging trade promotion industry, India's third largest software exporter Wipro ltd has signed an agreement to acquire Promax Applications Group (PAG) for a total consideration of AUD 35 million. Wipro also Wins NASSCOM Corporate Award for Excellence in Diversity and Inclusion 2012.
In 2013, Wipro Wins NASSCOM Corporate Award for Excellence in Diversity and Inclusion 2012. Wipro Launched Wipro AssureHealth Platform on Microsoft Technologies. Wipro also Wins 3 Year Contract from Emirates NBD. Wipro launches 3rd edition of its sustainability program for schools and colleges- earthian 2013'. Wipro Launches Co-Innovation Center for SAP Solutions in Bangalore. Wipro Launches Mobility Center of Excellence with Kony in Hyderabad. Wipro Receives National Award for Empowerment of Persons with Disabilities.
During the financial year 2013, Wipro carried out demerger of consumer care and lighting, infrastructure engineering businesses and other non IT business of the company. After the demerger, Wipro became a company focused on the IT services business.
In 2014, Wipro Wins 2013 Global, Asian and Indian MAKE Awards. Wipro Wins Ten Year Integrated IT and BPO Contract from UK-based, Carillion Plc. Wipro Signs Partnership with AxiomSL. Wipro Wins Managed Services Contract from DEN Networks. Wipro Wins a Transformational IT Applications and Infrastructure Engagement with 7-Eleven in Australia. Wipro Wins a Strategic Ten Year Total Outsourcing Engagement with ATCO. Wipro Launches Global Customer Experience Center. Wipro Ranked Global Leader in Telecom R&D Services for the Third Consecutive Year. Wipro is Rated as a No.1 Global Engineering and R&D service provider by Zinnov.
In 2015, Wipro wins $400m IT Infra Deal from Swiss Giant ABB. Wipro is also Awarded Multi Year Strategic Infrastructure Management Contract by Allied Irish Banks. Wipro also joins together with Acquia for digital technology. Wipro signs an agreement with Nexenta. Wipro Wins 5-Year Strategic Engagement with Coop Norge Handel AS. Wipro Wins 2015 Aegis Graham Bell Award for 'Innovation in IoT. Wipro Business Process Services Launches enterprise-Know Your Customer (e-KYC)' Automation Solution for Financial Institutions.
On 2 December 2015, Wipro announced that it has signed an agreement with Landesbank Baden-Wuerttemberg (LBBW) to acquire cellent AG for 73.5 million euros. Cellent AG is a leading IT consulting and software services company and has been offering holistic innovative IT solutions and services to its customers in the DACH region of Germany, Austria and Switzerland for the past 14 years. cellent AG serves the DACH market region with a team of more than 800 consultants, who will now become part of Wipro.
On 9 December 2015, Wipro Digital, the digital business unit of Wipro, announced the opening of its new London pod, furthering its commitment to offer enhanced digital transformation services at close proximity to its UK and European customers. The new pod is purpose-built for Wipro Digital's strategy, design and engineering teams to work in a collaborative and adaptive workspace side-by-side with clients.
On 23 December 2015, Wipro announced that it has signed a definitive agreement to acquire Viteos Group, a BPaaS provider for the Alternative Investment Management Industry, for a purchase consideration of USD 130 million. Viteos was founded in 2003 and is headquartered in Somerset, New Jersey. The Viteos Group provides customized straight-through-processing and integrates post-trade operations across every asset class, currency, border or structure for the alternative investment management industry in the United States, Europe and Asia. It is a leader in shadow-accounting services and offers a full range of middle and back-office outsourcing through its 400 plus employees.
On 4 February 2016, leading international insurer RSA announced a new seven-year partnership with Wipro to deliver its IT infrastructure requirements across the UK, Ireland and Scandinavia. Wipro will be providing infrastructure as a service for mainframe, mid-range, storage, cloud and end user services in addition to a multilingual service desk for RSA employees in all the regions. This will enable pan-European standardisation, improved end-to-end responsibility and a platform for business-led collaboration. This agreement follows a 10-month sourcing programme, which included 20 bidders, and reflects RSA's aim to drive benefits through the consolidation of services across its regional businesses.
On 8 February 2016, Wipro announced that it has won an IT infrastructure transformation contract from the ASSA ABLOY Group, headquartered in Sweden. ASSA ABLOY is the global leader in door opening solutions. As part of the five-year agreement, Wipro will consolidate ASSA ABLOY's existing data centers in the EMEA region and implement a cloud-based service model, which will include IaaS (Infrastructure as a Service) and PaaS (Platform as a Service).
On 11 February 2016, Wipro announced that it has signed a definitive agreement to acquire HealthPlan Services from Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. As part of the agreement, Wipro will acquire 100% of HealthPlan Services' shares for a purchase consideration of USD 460 million. Headquartered in Tampa, Florida, HealthPlan Services offers market-leading technology platforms and a fully integrated Business Process as a Service (BPaaS) solution to Health Insurance companies (Payers) in the individual, group and ancillary markets. HealthPlan Services' BPaaS solutions are ideal for payers who want to operate in the private and public exchanges and the off-exchange individual market in the U.S.
On 22 February 2016, Wipro announced a partnership with Verveba Telecom, LLC, a premiere telecom network engineering company specializing in network planning, design, deployment and mobile radio network optimization services for telecom service providers. The partnership brings together Wipro's expertise in telecom sector and Verveba's award winning Mobile Radio Network Optimization technology with services, intellectual property and solutions of both organizations. Together, the companies will offer solutions to address industry challenges in generating measurable economic value from fast growing, mobile network technology deployments & optimization especially in 4G and single RAN technologies. Verveba and Wipro will work together on business development activities and expanding solutions to telecom service providers globally.
On 23 February 2016, Wipro announced a partnership with SugarCRM, the company that enables businesses to create extraordinary customer relationships with the most innovative, flexible and affordable CRM solution in the market, to offer Customer Relationship Management (CRM) solutions to enterprise customers. As part of the partnership, Wipro is establishing a new SugarCRM practice within Wipro's CRM service line. The company is also building a SugarCRM Center of Excellence (COE) with SugarCRM-trained and certified employees who can attend to customers worldwide. As partners, Wipro and SugarCRM anticipate addressing the increased expectations of empowered customers and will jointly offer enterprises a tool to act as the catalyst for a seamless customer experience.
On 10 March 2016, Wipro announced a strategic collaboration with Tableau, a global leader in rapid-fire, easy-to-use business analytics software, to offer solution accelerators and innovative delivery models for Wipro's and Tableau's customers across the globe. This partnership aims at cross leveraging business intelligence expertise between Wipro and Tableau to deliver holistic, future proof and ready-to-go advanced visualization solutions to their customers across the globe. With this partnership, Wipro will focus on creating solutions primarily in the sectors of financial services, retail, consumer packaged goods (CPG) and pharmaceuticals. Innovative cloud-based delivery and business models such as subscription based pricing that will be enabled with this collaboration will widen the spectrum of the offering in terms of both scale and scope.
On 14 March 2016, Wipro announced that it has won a multi-year engagement with NRGi, one of the top 5 utility providers in Denmark. As part of the contract, Wipro will develop a new IT platform to transform the utility company's CRM, Billing and Service Bureau operations.
On 15 March 2016, Wipro announced a strategic partnership with Schneider Electric, a global specialist in energy management and automated systems, to develop convergent solutions for India's Smart Cities. Wipro and Schneider Electric will collaborate to enable the delivery of cost-effective and efficient citizen services to urban and rural communities. Both organizations will jointly develop solutions in the Smart City space for India and global markets.
On 28 March 2016, Wipro announced that it has won a five-year contract from Jubilant FoodWorks Limited, master franchisee for Domino's Pizza and Dunkin' Donuts in India and the leader in the Quick Service Restaurant (QSR) space in the country with over 1,000 restaurants in India, to deliver energy management services and help reduce energy and operational costs.
On 4 May 2016, Wipro and and Qlik, a leader in visual analytics, announced that the companies have extended their partnership to a global alliance and will work together to offer advanced enterprise analytics solutions to joint customers across industry sectors. Wipro's competency in delivering end-to-end Business Intelligence (BI) solutions combined with QlikView, Qlik's market-leading data discovery solution, will widen the scope and scale of visualization solutions offered to customers.
On 5 May 2016, Wipro announced that it has been chosen by Thames Water, the United Kingdom's largest water and waste water services provider, to transform the utility company's customer service and retail billing capabilities. As part of this multi-year contract, Wipro will be developing new IT systems and processes to help Thames Water improve customer experience and drive operational efficiencies.
On 11 May 2016, Wipro announced a strategic partnership with Etiya, the leading Independent Software Vendor that provides services to transform the Communications and Digital Service Providers' businesses. The joint solution, offered by Etiya and Wipro, provides Communication Service Providers with capabilities which allow them to deliver digital services that address the requirements of the future market and customer expectations. The customer experience is focused around domains such as Sales and Marketing, Omni Channel Access, Social Listening and Analysis & B2B Extensions.
On 16 May 2016, Wipro announced a partnership with Xactly Corporation, a leading provider of enterprise-class, SaaS and cloud-based incentive solutions for employee and sales performance management. The partnership will offer Sales Performance Management (SPM) solutions for customer organisations across industry sectors in a software as a service model.
On 18 May 2016, Wipro announced that it has been selected by Vestas Wind Systems A/S as its strategic IT partner for Workplace Services. Headquartered in Aarhus, Denmark, Vestas is a global energy company that delivers best-in-class wind energy solutions in over 75 countries. Vestas' core business comprises of the development, manufacturing, sale and maintenance of wind power plants.
On 25 May 2016, Wipro announced the launch of Total Customer Centricity (TCC), a Master Data Management solution for the manufacturing sector. Total Customer Centricity (TCC) will enable global manufacturers to transition from a product-centric to a customer-centric approach. TCC will also provide visibility into the relationships between devices, locations and customers. The solution will allow manufacturers across the globe capture a comprehensive, single view of each of their customers and products.
On 8 June 2016, Wipro announced a partnership with Mountain View based Authentise Inc, a leading provider of 3D printing technologies and consulting services. This strategic partnership between Wipro and Authentise will enable adoption of additive manufacturing among the Global 2,000 companies.
On 15 June 2016, Wipro announced the launch of its analytics solution, Data Discovery Platform. The solution provides pertinent business insights across the value chain of an industry through pre-defined 'apps'. Wipro's Data Discovery Platform will enable businesses to embark on an analytics journey with value added services of process simplification and business transformation.
On 20 July 2016, The Greater Toronto Airports Authority (GTAA) announced that it has awarded a seven-year strategic IT and Business transformation contract to Wipro. GTAA operates Toronto Pearson International Airport, the largest airport in Canada and the second largest in North America in terms of international traffic.
On 7 September 2016, Wipro announced that it has won an IT contract from NSB Group, one of Norway's largest transportation groups. Headquartered in Oslo, NSB has extensive passenger transportation operations by way of the rail and bus, freight by rail, property management and development and train maintenance segments. As part of the three-year agreement, Wipro will implement its Boundaryless Datacenter (BLDC) and LiVE Workspace solutions and utilize its next-generation delivery framework ServiceNXT to deliver services which will help NSB variablise its IT operations.
On 12 September 2016, Wipro announced a partnership with Israel-based IntSights Cyber Intelligence Ltd to bolster and expand its 'Threat Intelligence as- a- Service offering.' Intsights has developed a sophisticated cyber threat intelligence platform which provides advance warning and customized insights about potential cyberattacks and recommends remedial action. The company monitors the open, deep and dark web, including cyber-crime forums and social media platforms for signs of targeted threats against enterprises and provides alerts in near real-time to enable timely response and mitigation. Wipro's 'Threat Intelligence as a Service' offering delivers in-depth analysis of cyber threats originating from in-house sources and third-party sources or threat actors and provides enterprises with accurate cyber intelligence and incident mitigation strategies.
On 12 September 2016, Wipro announced a partnership with Vectra Networks, a Silicon Valley-based cybersecurity company that provides automated threat management solutions for real-time detection of in-progress cyber attacks. Wipro will leverage the Vectra automated threat management platform built with artificial intelligence-based on machine learning and behavioral analytics to detect attacker behaviors and user anomalies in the network. On 15 September 2016, Wipro and Reltio, an enterprise data-driven applications and modern data management Platform as a Service (PaaS) company, announced a partnership to develop faster and cost effective Master Data Management (MDM) solutions. This partnership will help Reltio and Wipro's clients bridge the gap between data and insights by boosting the reliability of information, while ensuring users get access to relevant data.
On 20 September 2016, Wipro and Witbe, a leading innovator in the field of Test Automation and Services Quality of Experience (QoE) Monitoring Robots for Broadband, Voice and TV Triple-Play monitoring, unveiled their global partnership. This partnership is of strategic importance to Wipro, and will offer integrated test automation and video services monitoring solutions for customer deployments across set top box, mobile platforms and other handheld devices. These solutions will benefit new and existing customers of Wipro and Witbe including semiconductor players, Original Equipment Manufacturers (OEMs), Original Design Manufacturers (ODMs) and service providers in the media industry.
On 13 October 2016, Wipro announced the launch of Treasury DNA Decisions and Analytics platform that will digitally enable global treasuries using cloud technologies. Treasury DNA is powered by BELLIN's tm5, a leading treasury management systems provider. Treasury DNA is a next generation platform with a comprehensive suite of technology services delivered in a subscription-based model, and is ideal for global treasurers who aspire to be future-ready. The platform aims to transform and enhance treasury processes and operations within an enterprise. It provides real-time, integrated data and actionable treasury insights to power financial decision making.
On 20 October 2016, Wipro announced that it has signed a definitive agreement to acquire Appirio, a global cloud services company that creates next generation worker and customer experiences, for a purchase consideration of USD 500 million. Established in 2006, Appirio is headquartered in Indianapolis with offices in San Francisco, Dublin, London, Jaipur, and Tokyo and has 1,250 employees worldwide. Appirio is a trusted partner to some of the world's leading brands, including Stryker, Robert Half, Johnson Controls, Cardinal Health, Coca-Cola, eBay, Facebook, Home Depot, and Sony PlayStation. Once completed, Wipro's acquisition of Appirio will create one of the world's largest cloud transformation practices, a game changer in today's as-a-service and digital economy. Appirio also brings to Wipro, Topcoder, a leading crowdsourcing marketplace connecting over a million designers, developers and data scientists around the world with customers.
On 27 October 2016, Wipro announced that it has won a five-year engagement with Speciality Restaurants Ltd., a leading fine dining operator in India with 107 restaurants spread across India, Bangladesh, Tanzania and Doha in Qatar. Wipro will offer energy management services to Speciality Restaurants, which would help pare energy and operational costs. The EcoEnergy business of Wipro will implement its Managed Restaurant Energy Services (MRES) program across Speciality Restaurants' full service restaurants.
On 7 November 2016, Wipro announced the launch of its Open Banking API (Application Programming Interface) Platform. The Open API platform will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces, and comply with emerging regulatory norms through the standardization of APIs. Open Banking is an emerging trend in financial technology that uses Open APIs to enable third party developers build applications and services around a financial institution. It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models. Open Banking has been gaining significant momentum across the globe, especially in the European banking industry - driven by changing regulatory mandates. Revised Directive on Payment Services (PSD2) is one such regulatory mandate that aims to standardize, integrate and improve payment efficiency in the European Union.
On 15 November 2016, Wipro and ASG Technologies, a global provider of information access, management and control solutions, announced an expanded partnership that integrates the offerings of Wipro's Data Management Centre of Excellence (CoE) with ASG's Enterprise Data Intelligence solution to improve compliance for the global financial services companies.
On 1 December 2016, Wipro announced that it has been awarded a three-year IT infrastructure services and digital transformation contract by Woodside. Woodside is an Australian oil and gas company with a global presence, and is recognised for its world-class capabilities as an explorer, a developer, a producer and supplier. Leveraging its ServiceNXT platform, Wipro will provide Managed Services for IT Infrastructure across Woodside's global portfolio, with a focus on the larger sites of Perth and Karratha in Australia. The engagement includes delivering infrastructure services to offshore maritime facilities and potential exploration sites.
On 25 January 2017, Wipro signed an agreement to acquire InfoSERVER S.A. for BRL 27.6 Million (USD 8.7 million). InfoSERVER, an IT services provider, which is focussed on the Brazilian market, provides custom application development and software deployment services. Two-decade old InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help Wipro in expanding its presence in the country's highly traditional and competitive Banking, Financial Services & Insurance market besides adding invaluable domain and process knowledge on the sector.
On 30 January 2017, Wipro announced a strategic partnership with Tradeshift, the fastest growing business commerce platform, to offer cloud-based Source-to-Pay (S2P) Business Process as a Service (BPaaS) solution. The partnership aims to help customers accelerate digitalization and automation in their procurement, finance and accounting functions. Headquartered in San Francisco, Tradeshift offers a business commerce platform to digitally connect companies through cloud-based, collaborative accounts payable and procurement automation. Along with the partnership agreement, Wipro Ventures, the strategic investment arm of Wipro, has made an investment in Tradeshift to strengthen the partnership and further develop Tradeshift's innovative applications, trade financing solutions platform and business-to-business marketplace ecosystem.
On 31 January 2017, Wipro Gallagher Solutions (WGS), an end-to-end provider of lending products and services, announced a partnership with Veri-Tax LLC, a leading national verification specialist, to streamline verification solutions. The partnership between Wipro Gallagher Solutions, the provider of the NetOxygen Loan Origination System (LOS) and Veri-Tax LLC will help lenders mitigate identity fraud, accelerate processing, and improve the customer's experience seamlessly and electronically.
On 1 February 2017, Wipro announced that it has joined the Industrial Internet Consortium (IIC), the global, member-supported organization that promotes the accelerated growth of the Industrial Internet of Things (IIoT). This membership provides Wipro opportunities to engage and innovate with multi-partner testbeds and adopt best practices to drive digital transformation for customers.
On 14 February 2017, Wipro announced that it is delivering analytics-based insights for specific industries with the Data Discovery Platform, its newest big data analytics-as-a-service solution. Built with IBM BigInsights and IBM dashDB and developed on Bluemix, IBM's cloud platform, the solution accelerates insight-driven decision making through pre-built applications for specific industries, such as banking and financial services, retail, energy, education and manufacturing.
On 15 February 2017, Wipro announced that its Digital-TV (DTV) Middleware Solution, which facilitates In-Car TV reception systems, has been customized for the Japanese automotive market. Wipro's DTV Middleware offering provides a turnkey solution for global Original Equipment Manufacturers (OEMs) of automotive infotainment systems to enable broadcast TV reception within vehicles.
On 28 February 2017, Wipro announced a new IoT-based solution for wind parks and wind turbine manufacturers that leverages the Hewlett Packard Enterprise (HPE) Windpark Manager 4.0. The solution manages wind turbines and associated IT infrastructure, including IT applications and security aspects to optimize operational expenditure, generate new revenue streams, and future-proof a customer's business.
On 8 March 2017, Wipro announced that it has become a member of the LoRa Alliance, one of the fastest growing Internet of Things (IoT) alliances with over 400 members. This membership will help Wipro accelerate its Internet of Things (IoT) solution deployments, using Low Power Wide Area Networks (LPWAN) technology for customers across industry sectors such as energy, utilities, natural resources, smart cities, ports, and logistics.
On 14 March 2017, Wipro announced that it has won a twelve-year contract from NHS Scotland to build a next generation Enterprise Master Patient Index (eMPI) solution. This solution, which will be hosted in Scotland, will help NHS Scotland transition from its current legacy Community Health Index System (CHI) to offer cost effective, efficient, paperless and patient-friendly healthcare services in Scotland. NHS Scotland is the region's National Health Board working towards reducing health inequalities and improving health conditions.
On 15 March 2017, Wipro announced its partnership with Harte Hanks to offer marketing technology services. As part of the multi-year engagement, Wipro will upgrade Harte Hank's data analytics and applications platform, create a scalable operating model and simplify IT related processes for the company. Harte Hanks is an American marketing services company specializing in omni-channel marketing solutions including consulting, strategic assessment, data, analytics, digital, social, mobile, print, direct mail and contact center.
On 15 March 2017, Wipro announced the opening of an Automotive Engineering Center (AEC) in Detroit. The center aims to drive innovation in connected vehicle concepts - design, product engineering, digital customer-vehicle experiences, artificial intelligence, and sensors-driven advanced vehicle data analytics. The center will serve as a hub to support the automotive engineering and IT requirements of Original Equipment Manufacturers (OEMs) and tier-I suppliers, based in North America.
On 4 May 2017, Wipro announced that it has joined the Enterprise Ethereum Alliance (EEA) as a founding member. EEA is a collaboration of enterprises to promote, develop and implement enterprise grade Ethereum-based blockchain applications across industries for specific business use cases.On 17 May 2017, Wipro announced that it has developed nine blockchain-based solutions for the Banking Financial Services and Insurance (BFSI), Manufacturing, Retail and Consumer Goods industries. Defined, designed and co-developed with clients in Wipro's Blockchain Innovation Lab, these solutions demonstrate what block chain can accomplish for global enterprises.
On 14 June 2017, Wipro announced that it has won an IT Applications Managed Services engagement with Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper and energy industries. Valmet is headquartered in Finland. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platform in a Managed Services model covering all global locations in which Valmet operates. The construct of the contract is geared towards bringing cost efficiencies and enabling enhanced optimization in ongoing support. Additionally, Wipro will also support the end to end testing activities around the implementation and rollout of the new ERP platform.
On 15 June 2017, Wipro announced that it has achieved Amazon Web Services (AWS) Service Delivery status for AWS Service Catalog. With this status, Wipro's capabilities help clients build the AWS Service Catalog to enable self-service discovery, maintain controls and centrally manage their enterprise cloud services.
On 22 June 2017, Wipro announced a collaboration with Red Hat, the world's leading provider of open source solutions, to set up a cloud application factory designed to offer developers and IT teams a repeatable and rapid methodology for application modernization across public, private, and hybrid clouds. Wipro's cloud application factory will have a dedicated services team that can help drive the strategy, design, and delivery of next generation applications globally, using Red Hat OpenShift Container Platform, Red Hat's award-winning container application platform.
On 28 June 2017, Wipro announced that locals now form over 50% of its US workforce. The company has been focused on creating jobs in the US underscoring its strategy to build a deep reservoir of local talent based out of centers close to its clients. During the past decade, Wipro has invested over USD 2 billion in the United States.
On 5 July 2017, Wipro and Ramot, the Business Engagement Center at Tel Aviv University (TAU), announced a partnership for joint research in emerging technologies. TAU is Israel's largest institution of higher learning which is home to over 30,000 students studying in nine faculties, over 125 schools and departments across the spectrum of sciences, engineering, humanities and the arts. The partnership envisages the creation of joint research capability at TAU, supported by Wipro to pursue core as well as applied research in fast-developing technologies in the Artificial Intelligence (AI) space.
Wipro's Board of Directors at its meeting held on 20 July 2017 approved a proposal to buyback up to 34.37 crore equity shares of the company for an aggregate amount not exceeding Rs 11000 crore, being 7.06% of the total paid up equity share capital, at Rs 320 per share on a proportionate basis under the tender offer route.
On 25 July 2017, Wipro announced a partnership with Hewlett Packard Enterprise (HPE) to offer IT infrastructure solutions in a consumption-based or pay-per-use business model for enterprises. This model for IT Infrastructure procurement and provisioning will be offered to both Wipro and HPE's customers, globally. As a part of this alliance, Wipro will leverage HPE Flexible Capacity to offer flexible and scalable IT infrastructure services in a consumption-based IT model, accelerate growth and enable digital transformation for its customers. HPE's scalable consumption-based IT model of provisioning and procurement coupled with Wipro's industry proven end-to-end suite of IT Infrastructure services, and global delivery capabilities will enhance the security, agility, scalability of customers' IT infrastructure, and help them ascertain and regulate the public cloud economics of their data centers.
On 1 August 2017, Wipro announced the launch of a multi-million dollar Silicon Valley Innovation Center in Mountain View, California. This state-of-the-art R&D and incubation hub is designed to develop and showcase next-generation technologies and solutions for enterprises.
On 2 August 2017, Wipro and Tricentis, a software testing company and a thought leader in the automated testing space, announced a partnership for Quality Engineering. This partnership with Tricentis will strengthen Wipro's Quality Engineering and Testing Services capabilities, by integrating Tricentis Tosca, a continuous testing platform, with Wipro AssureNXT, a managed services QA platform combined with the capabilities of Wipro HOLMES Artificial Intelligence Platform as a part of the broader automaton ecosystem.
On 7 August 2017, Wipro announced the availability of Data Discovery Platform, its big data analytics-as-a-service solution on Microsoft Azure. The solution accelerates insight-driven decision making through pre-built applications for specific industries, such as banking and financial services, retail, energy, education and manufacturing. Wipro's Data Discovery Platform will enable businesses to embark on an analytics journey with value added services of process simplification and business transformation to bridge the gap between the insights required by business and the information that is available. Wipro Data Discovery Platform is available in an outcome-based pay-per-insight' cloud delivery model.
On 8 August 2017, Wipro and Excelfore, a leading provider of middleware solutions for Smart Mobility Networks, announced a global partnership to offer secure connectivity solutions for next generation smart and autonomous vehicles. This partnership combines Excelfore's Smart Mobility Networks solutions with Wipro's global systems integration and managed services expertise to enable connected car solutions for automotive original equipment manufacturers (OEMs) and Tier 1 equipment makers.
On 16 August 2017, Wipro announced that it has won a five-year IT infrastructure and applications managed services engagement with Grameenphone (GP), a leading telecom operator in Bangladesh. Wipro will be managing the complete IT landscape for GP, leveraging Wipro HOLMES.
On 4 September 2017, Wipro announced the launch of its newest digital pod in Edinburgh, Scotland, deepening its commitment to offer digital services at close proximity to its UK and European customers. The Edinburgh Pod is purpose-built for Wipro's digital strategy, design and engineering teams to work in a collaborative and adaptive workspace, along with clients. Digital pods allow teams to work with the necessary autonomy to facilitate speed, continually evaluating progress with user research and technical performance data.
On 7 September 2017, Wipro announced that it has won a five-year IT applications management contract from Outokumpu. Headquartered in Finland, Outokumpu is a global leader in stainless steel. As part of the five-year contract, Wipro will provide applications management services for Outokumpu's SAP landscape along with legacy applications support to cover Outokumpu locations globally.
On 12 September 2017, Wipro announced the launch of an Automotive Center of Excellence (CoE) in Timisoara, Romania. This CoE will help Wipro deliver innovative embedded software solutions for its global and European clients. This engineering center in Romania is part of Wipro's global delivery network that offers best-in-class engineering and IT services.
On 13 September 2017, Wipro announced that it has joined Hyperledger to design and develop open source-based blockchain solutions for enterprise-grade blockchain deployments. Hyperledger is a global open source collaborative effort created to advance cross-industry blockchain technologies across sectors such as finance, banking, Internet of Things, supply chain, manufacturing and technology.
On 14 September 2017, McLaren Technology Group announced that Wipro has become the official technology provider to help drive digitalisation across its businesses. Wipro will assist McLaren with achieving its recently defined IT strategy, focusing on providing next-generation differentiated IT services to its business divisions with an emphasis on agility and improved reliability.
On 14 September 2017, Wipro announced the launch of automation services powered by its HOLMES artificial intelligence platform. Wipro's automation services are designed to deliver cognitive enhancements to user experience and productivity with a measurably improved Business Value Index' for each level of a business process.
On 15 September 2017, Wipro announced that it has been awarded a seven-year contract by innogy SE to manage its data center and cloud services. innogy SE is an established European energy company. As part of the agreement signed in November 2016, innogy transferred its twin data centers in Neurath und Niederaussen in Germany to Wipro on 1 February 2017. The subsequent transition phase ran smoothly. Wipro will leverage its BoundaryLess Data Center offering to help innogy drive a transformation program to rationalize, virtualize and consolidate its IT infrastructure.
On 15 September 2017, Wipro announced plans to deliver the Wipro BoundaryLess Data Center (BLDC) solution built on Hewlett Packard Enterprise (HPE) ProLiant for Microsoft Azure Stack to help customers expand their infrastructure capabilities beyond the traditional walls of the enterprise datacenter. This joint offering will help Wipro's customers benefit from an economic cloud model, in a hybrid environment across both on-premises data centers and the Azure public cloud.
On 26 September 2017, Wipro and CloudGenix Inc., a leading provider of Software-Defined Wide Area Networking (SD-WAN) products, announced a partnership to offer open and managed SD-WAN services. Termed as WANFreedom, the service allows enterprise customers to rapidly deploy cloud, SaaS (Software as a Service) and data center applications over any combination of MPLS (Multiprotocol Label Switching), Internet broadband and LTE (Long Term Evolution) networks, thereby enabling a rich user experience and IT infrastructure cost optimization.
On 5 October 2017, Wipro Digital announced that it has signed a definitive agreement to acquire Cooper, an award-winning design and business strategy consultancy. Wipro Digital is the digital business unit of Wipro. Cooper will become part of Designit, Wipro Digital's strategic design arm, further strengthening its design and innovation capabilities, expanding its reach in North America and adding capabilities in professional design education.
On 6 November 2017, Wipro announced the launch of industry-specific solutions on SAP Leonardo. The first set of solutions will focus on the utilities industry, while the next will cover the consumer and manufacturing industries. SAP Leonardo is a holistic digital innovation system that comprehensively integrates future-facing technologies and capabilities into SAP Cloud Platform. As part of the partnership, Wipro will develop industry-specific analytics 'apps' on its insights-as-a-service solution, Data Discovery Platform, leveraging SAP Leonardo analytics, Big Data and data intelligence capabilities.
On 1 December 2017, Wipro announced that its long-time customer National Grid US has filed lawsuit against the company in U.S. District Court for the Eastern District of New York seeking damages amounting to $140 million plus additional costs related to the project. The lawsuit relates to an ERP implementation project which began in 2009. Wipro joined the project in 2010, and the post-Go-live process was completed in 2014. Wipro said National Grid's claims are baseless and that the company will vigorously contest the allegations in court.
On 15 December 2017, Wipro announced a partnership with Headspin, a San Francisco-based powerful, easy-to-use mobile experience platform, to offer next-generation mobility quality engineering and testing solutions on global mobile networks. This partnership will leverage Headspin's network of 22,000 mobile devices deployed in carrier networks across 150 locations and Wipro's industry leading quality assurance capabilities to bring significant value to customers by validating their mobile applications, devices and networks under real life conditions. The joint offering will enable continuous monitoring of applications, identification of performance bottlenecks and rectification of inefficient content delivery to ensure a seamless application experience for end users, across geographies. Wipro Ventures, the strategic investment arm of Wipro that is focused on investing in early- to mid-stage startups, made an investment in Headspin in October 2017.
On 23 January 2018, Wipro announced that it has won a multi-year business process services engagement with Nilfisk. Headquartered in Denmark, Nilfisk is a leading global supplier of professional cleaning equipment and solutions. As part of this contract which was signed in June 2017, Wipro will leverage its global delivery network to implement business process services for Nilfisk in the areas of Finance and Accounting (F&A), Marketing services as well as select IT services in more than 45 client locations, across the world. Wipro will support Nilfisk in consolidating its back office Finance & Accounting operations, being delivered from globally diverse locations.
On 24 January 2018, Wipro announced that its wholly owned subsidiary Wipro LLC will invest $9.9 million for a minority stake in Harte Hanks, a US-based global marketing services company specializing in omni-channel marketing solutions including consulting, strategic assessment, data, analytics, digital, social, mobile, print, direct mail and contact center. Both companies will expand their existing partnership to offer end-to-end marketing technology services to customers.
On 1 March 2018, Wipro announced that it has signed a definitive agreement to acquire a minority stake in US based Denim Group, a leading independent application security firm. This partnership will bring together Wipro's strong digital transformation and cybersecurity capabilities with Denim Group's application security consulting, assessments and implementation services including DevSecOps and secure development training services.
On 14 March 2018, Wipro announced that it has signed a definitive agreement to divest its hosted data center services business to Ensono, a leading hybrid IT services provider, for USD 405 million. Wipro and Ensono have also signed a long-term partnership agreement to jointly address the hybrid IT requirements of Wipro's new and existing enterprise customers. As part of the agreement, Wipro will make a strategic investment of USD 55 million in Ensono's combined entity.
On 14 March 2018, Wipro and Trintech, a leading global provider of integrated, cloud-based Record to Report (R2R) finance software solutions for the office of finance, announced a strategic partnership to deliver digital solutions that help simplify and automate business finance functions at enterprises. As a strategic partner, Wipro will offer its clients Trintech's portfolio of financial solutions, which encompass high-volume transaction matching, balance sheet and intercompany reconciliations, journal entries, financial close task management, disclosure and fiduciary reporting, and compliance management. Wipro will work further with its clients to complement Trintech's portfolio with its strong consulting and execution capabilities in three key areas: collaborating with Wipro's AI & Automation platform HOLMESTM to extend the footprint of Trintech's Risk Intelligent RPATM financial solution; planning and delivering world-class financial transformation along with integration services with clients' systems; and post-implementation support utilizing Wipro's global delivery model.
On 26 March 2018, Wipro announced an expanded global relationship with Adobe to create, build and run digital marketing solutions and campaigns for their clients, across the globe. As a part of this alliance, Wipro will embed Adobe's design and prototyping software, Adobe XD CC, the all-in-one UX/UI solution for designing and prototyping mobile apps and websites, into its Digital Experience Platform.
On 27 March 2018, Wipro unveiled its Texas Technology Center in Plano, Texas. The new facility will primarily house Wipro's US cyber security center, as well as serve as a hub for advanced analytics. The state-of-the-art 45,000-square feet center is designed to promote collaboration, spur eativity and enhance productivity. In addition to the newly-launched Texas Technology Center in Plano, Wipro has major operations in Dallas and Houston, in Texas.
During the year 2018-19, the Company allotted 1,681,717 equity shares and transferred 2,599,183 equity shares of Rs 2/- each from Wipro Equity Reward Trust, pursuant to exercise of stock options by eligible employees and allotted 1,508,469,180 equity shares of Rs 2/- each as bonus equity shares on 08 March 2019 by capitalization of sums standing to the credit of the free reserves and/or the securities premium account and/or the capital redemption reserve account of the Company.
During the financial year 2018-19, your Company invested an aggregate of Rs 36,373 million in its direct subsidiaries.
On 16 April 2019, the Board approved a proposal to buyback up to 323,076,923 (Thirty Two Crores Thirty Lakhs Seventy Six Thousand Nine Hundred and Twenty Three) equity shares of the Company for an aggregate amount not exceeding Rs 105,000,000,000/- (Rupees Ten Thousand Five Hundred Crores only), being 23.03% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone balance sheet as at 31 March 2019, at a price of Rs 325/- (Rupees Three Hundred and Twenty Five) per equity share.
During the FY2019, merger of Wipro Technologies Austria GmbH, Wipro Information Technology Austria GmbH, NewLogic Technologies SARL and Appirio India Cloud Solutions Private Limited (wholly owned subsidiaries) with and into Wipro Limited pursuant to order dated 29 March 2019 passed by NCLT approving the scheme of amalgamation ('Scheme') for the aforesaid merger. As per the said Scheme, the appointed date is 01 April 2018.The company liquidated Appirio Singapore Pte Ltd and Appirio GmbH. Also carried out the merger of Cellent Mittelstandsberatung GmbH with and into Cellent GmbH, Germany. The company setting up of a new subsidiary namely Wipro IT Services S.R.L in Romania. Also Setting up of a new subsidiary namely Wipro US Foundation in USA.
Wipro was ranked as the third fastest growing global IT Services brand in 2019 in a study conducted by Brand Finance, the world's leading brand valuation firm. Wipro received Quality Global Supplier' award from innogy SE. Wipro was included in the Dow Jones Sustainability Index (DJSI) - World and Emerging Markets for the 9th time in succession.
Pursuant to the approval of the Board on 16 April 2019 and approval of shareholders through special resolution dated 01 June 2019 passed through postal ballot/e-voting, your Company concluded the buyback of 323,076,923 equity shares of face value of Rs 2/- each at a price of Rs 325/- per equity share, for an aggregate amount of Rs 105,000 million, in September 2019.
During the financial year 2019-20, your Company has carried out restructuring of its following subsidiaries: a. Dissolution of Wipro Retail UK Limited and Liquidation of Appirio GmbH, b. Merger of Frontworx Informationstechnologie GmbH with and into Cellent GmbH, c. Merger of Digital Aps with and into Designit A/s.
During the FY2020,Wipro was included in the Dow Jones Sustainability Index (DJSI) - World and Emerging Markets for the 10th time in succession.The company has been named as 2020 World's Most Ethical Company for the 9th successive year by the Ethisphere Institute.The company was also recognised as leader in Everest Group PEAK MatrixTM in 2019 and 2020 Healthcare payer digital services.The company has been recognised by the Top Employers Institute as a Top Employer in Australia, for 2020.
During the nine months ended 31 December 2020, the Company has completed two business combinations (which individually are not material) for a total consideration of Rs 7,853. These include (a) acquisition of IVIA Servicos de Informatica Ltda. ('IVIA '), a specialized IT services provider to financial services, retail and manufacturing sectors in Brazil (b) acquisition of 4C NV and its subsidiaries ('4C'), a Salesforce multicloud partner in Europe, U.K. and the Middle East, and (c) acquisition of Encore Theme Technologies Private Limited ('ETT'), a Finastra trade finance solutions partner across the Middle East, Africa, India and Asia Pacific.
On 13 October 2020, the Board of Directors approved a proposal to Buyback up to 237,500,000 equity shares of Rs 2 each (representing 4.16% of total paid-up equity share capital as at 30 September 2020) from the shareholders of the Company on a proportionate basis by way ofa tender offer at a price of Rs 400 per equity share for an aggregate aruount not exceeding Rs 95,000 million ('Buyback'), in accordance with the provisions contained in The Securities and Exchange Board of lndia (Buy-back of Securities) Regulations, 2018, as amended and the Companies Act, 2013 and rules made thereunder ('Buyback Regulations'). Subsequently, the shareholders of the Company approved the Buyback through postal ballot (including e-voting) on 16 November 2020 and 11 December 2020 was fixed as the record date for the Buyback. In accordance with the provisions of the Buyback Regulations, the Letter of offer for the buyback was approved by SEBI on 21 December 2020 and tender period for Buyback opened on 29 December 2020 and will close on 11 January 2021. Consequently, the Company has recorded a liability towards gross obligation on Buyback of equity shares oft 95,000 million and the corresponding liability for tax on buyback of Rs 22,021 million as at 31 December 2020.
On 22 December 2020, as part of strategic partnership, the Company entered into a definitive agreement with Metro AG to take over the IT units in Germany and Romania. The consummation of the transaction is subject to receipt of regulatory approvals and customary closing conditions and is expected to be completed by 30 April 2021.
In March 2021, the company has acquired London-based The Capital Markets Company(Capco) for USD 1.45 billion. Capco is a management and technology consultancy firm that provides digital,consulting and technology services to the global banking and financial services industry.
Wipro Ltd
Chairman Speech
Dear Stakeholders,
I am happy to share that in FY23 our revenue crossed $11 billion, a growth of 11.5%
YoY in constant currency terms. This makes it our second consecutive year of
double-digit growth since we began our transformation journey in 2020. The Board approved
a buyback for the value of '120 billion ($1.5 billion) at the price of '445
per equity share. This is the biggest buyback in Wipro’s history.
We were tested this year by a difficult global macro-economic environment. Even as the
pandemic receded, the Ukraine conflict entered a second year and the global interest rates
stayed high. While technology adoption as a whole remained secular, in the second half of
FY23, we saw some re-prioritization-more cost optimization and less discretionary
spending-particularly in sectors like BFSI and technology.
Our efficiency and growth-focused solutions allowed us to respond quickly and
pertinently to these developments.
We ended the year with strong bookings, a growth of 28% from last year, and hired
22,000 Next-Gen Associates (or freshers, as we called them earlier), our highest for a
single year.
This year, as in the previous one, we made several major strategic investments, added
new capabilities, and grew our talent to support future growth. We brought together
Wipro's entire cloud capability under a fully integrated global business line (GBL) called
Wipro FullStride Cloud, which accounts for more than a third of our Company's revenue. We
acquired Rizing, a global SAP consulting firm, and made significant hires in our
cybersecurity practice, helping us create industry-leading applications. On April 1, 2023,
we reorganized ourselves into four global business lines-FullStride Cloud,
Enterprise Futuring, Engineering Edge, and Consulting-to help us align more strongly
with our clients' priorities and drive growth in our strategic areas.
FY23 was a pivotal year for technology, with artificial intelligence taking a quantum
leap. While we have been long familiar with Al-powered products (think predictive text,
digital personal assistants, chat bots), OpenAI's ChatGPT and Dall-E brought discussions
about the use of generative Al emphatically into the public domain.
The next decade, we believe, will be the age of AI. We
have been i nvesti ng ahead of the cu rve to u nderstand AI and leverage its power
inside Wipro, and to create solutions for our clients. For two years now, Wipro's
Generative AI Center of Excellence has conducted research with leading academic
institutions, built accelerators and solutions, frameworks like WeGA (Wipro Enterprise
Generative AI), developed competency through the Wipro AI Academy, and executed key pilot
programs for our clients. Our AI practice has created several cross-industry solutions,
including text summarization and literature mining to synthesize large amounts of
enterprise data, automated code conversion from legacy to modern languages, and built
marketing accelerators that generate product descriptions and enhance search optimization.
As with every emerging technology, AI will impact our professional, personal, and
social life significantly. We are putting in strong guardrails and governance models for
its usage both internally and externally. To us, this position of responsibility is an
extension of our Company's strong moral center and sense of purpose.
The most pervasive manifestation of our code is the Spirit of Wipro, binding together
our employees, customers, shareholders, partners, and communities. Our holistic view on
culture includes five tenets: Leading with purpose, supporting the well-being of our
associates, sustaining our communities, building an inclusive workplace, and nurturing a
mindset that helps us realize our bold ambitions.
Inclusion is a way of life at Wipro. We strive to create and sustain a culture that
encourages authenticity and offers a safe space for all 250,000+ of our employees. Thanks
to our sustained efforts, gender diversity at senior leadership levels has seen a
three-fold increase and has gone up to 17% at present. In the US, the Disability Alliance
Network, an employee resource group, is accelerating our inclusion efforts and building
welcoming spaces for all our associates. Last year, we observed Transgender Awareness Week
and Transgender Day of Visibility.
As with our people, at Wipro, we believe that engagement with social and environmental
issues must be deep, meaningful, and a long-term commitment.
With weather cycles continuing to upset predictable patterns across the world, climate
change becomes a more urgent issue every day. As a result of our decade-plus commitment to
battling the challenge, our ESG programs are central to what we do as a business today.
Our track record and expertise in sustainability solutions have opened up new avenues for
us in Consulting, Cloud, ESG Analytics and Reporting; we expect significant traction on
this front in the next two years.
Multiple initiatives are taking us closer to our stated goal of Net Zero GHG emissions
by 2040. In the past year, we overshot our targets of reducing Scope 1, 2 and 3 emissions.
Sixty percent of our owned facilities now use renewable energy. Our annual business travel
is down to 305 million km, against a goal of 595 million km. We will continue to invest in
solutions and behavioral change to reach our targets even as travel rebounds and office
occupancy increases. Our efforts were recognized by the DJSI (World) for the 13th
consecutive time; we were also rated ‘Gold' in the EcoVadis rating framework and
included in CDP's A list of 200 global companies with demonstrated climate leadership.
Through the Wipro Foundation, we continue to augment our work in education, healthcare,
and urban ecology in India. Outside of India, we launched a recalibrated grants program,
driven largely by the local chapter and leadership in six geographies around the world.
In closing, let me express my deep gratitude to our clients, partners, employees, and
other stakeholders who have placed their trust and confidence in us. I am very excited and
committed to the transformation journey we are driving and confident that we will come out
stronger as we scale new heights.
Thank you
Rishad A. Premji
Chairman
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Wipro Ltd
Company History
Wipro Ltd is India's one of the leading tech-companies,providing IT Services, including Business Process Outsourcing (BPO) services, globally. The company provides comprehensive IT Solutions and Services, including Systems Integration, Information Systems Outsourcing, IT Enabled Services, Package Implementation, Software Application development and maintenance, and Research and Development Services to corporations globally.
The company is the first PCMM Level 5 and SEI CMM Level 5 certified IT Services Company globally. In the Indian market, they are a leader in providing IT Solutions and Services for the corporate segment in India, offering System Integration, Network Integration, Software Solutions and IT Services. In the Asia Pacific and Middle East markets, they provide IT Solutions and Services for global corporations. The company is headquartered in Bangalore, India.
The company provides the integrated business, technology and process solution on a global delivery platform to customers across Americas, Europe, Middle East and Asia Pacific. They offer business value to clients through process excellence and service delivery innovation such as Information Technology services, Product Engineering services, Technology Infrastructure services, Business Process Outsourcing services and consulting services.
During the financial year 2013, Wipro carried out demerger of consumer care and lighting, infrastructure engineering businesses and other non IT business of the company. After the demerger, Wipro became a company focused on the IT services business.
Wipro Ltd was incorporated in the year 1945 at Karnataka by Azim H Premji who is promoter and chairman of the company. The company started as an edible oil producer and then transformed itself into leading player in Fast Moving Consumer Goods and IT services & Products business. During the year 1994-95, the company secured ISO 9001 certification for their five manufacturing and development facilities.
In February 2001, the company became the first software technology and services company in India to be certified for ISO:14001 certification for complying with the international standards for Environmental Management System (EMS) in three major software development and technology centers in Bangalore. Wipro Technologies won the 'Banker Technology Award' for the year 2004 Instituted by the Financial Times in the 'Risk Management Award' category.
During the year 2005-06, the company acquired mPower Software Services Inc, a Princeton, New Jersey, US headquartered company with a development center in Chennai and MPACT Technology Services Pvt Ltd, based in Chennai, for an all cash consideration of USD 28 million. Also, they acquired New Logic Technologies AG, an Austrian firm which is mainly engaged in the semiconductor IP business and the Engineering Design Services business including the Analog Mixed Signal Business for an all cash consideration of Euro 26 million. The company received the BEST award from American society for training & development (ASTD) for three consecutive years 2004, 2005 and 2006.
During the year 2006-07, the company acquired US based Quantech Global Services LLC and the India based Quantech Global Services Ltd for a cash consideration of approximately USD 3 million. They acquired US based CMango Inc and India based CMango India Pvt Ltd for cash consideration of USD 20 Million. They also acquired Finland based Saraware Oy Middle East and SAARC operations of 3D Networks and Planet PSG during the year.
In their Consumer Care and Lighting business, the company acquired North-West Switches business from North- West Switchgear Ltd, a company in the business of switches, sockets, MCBs etc. for an upfront cash consideration of Rs 1,022 million. In the Infrastructure Engineering business, they acquired Hydrauto Group AB for a cash consideration of USD 31 million. The company in partnership with Motorola and formed a joint venture namely WMNETSERV Ltd for delivering world-class managed Services to telecom operators in the area of network operations.
During the year 2007-08, as per scheme of amalgamation, Wipro Infrastructure Engineering Ltd, Wipro Healthcare IT Ltd, Quantech Global Services Ltd mPact Technology Services Pvt Ltd, mPower Software Services (India) Pvt Ltd and cMango India Pvt Ltd were amalgamated with the company with effect from April 1, 2007. The company in association with DAR Al-Riyadh Holding Co Ltd formed a joint venture namely Wipro Arabia Ltd, for providing application development, implementation and maintenance services, systems integration and data storage services in the Kingdom of Saudi Arabia.
During the year, the company acquired 100% shareholding in Unza Holdings Ltd, a Singapore based Fast Moving Consumer Goods company together with their subsidiaries for an all cash consideration of approximately USD 246 million. They acquired US-based provider of IT infrastructure management, enterprise application and business process outsourcing services, for an acquisition price of about USD 600 million. They also acquired OKI Techno Centre Singapore Pte Ltd (now called as Wipro Techno Centre Singapore Pte Ltd) in an all cash deal of USD 2.5 million.
During the year 2008-09, the company invested an aggregate of USD 432 million as equity, in their direct subsidiaries Wipro Cyprus Pvt Ltd, Wipro Holdings (Mauritius) Ltd, Wipro Inc and Wipro Technology Services Ltd. They also re-structured a few of their overseas subsidiaries and merged them with their holding company in the US. In January 2009, the company acquired Wipro Technology Services Ltd (formerly called as Citi Technology Services Ltd) for USD 127 million.
During the year 2009-10, Wipro Networks Pte Ltd, Singapore and WMNETSERV Ltd, Cyprus were amalgamated with the company with effect from April 1, 2009. In August 2009, the company entered into partnership with Lavasa Corporation Ltd for planning, implementing and managing Information and Communication Technology services across Lavasa City.
In October 2009, the company signed an agreement with Delhi International Airport Pvt Ltd and formed a joint venture company namely Wipro Airport IT Services Ltd. Also, Wipro GE Healthcare Pvt Ltd, the joint venture between the company and GE Healthcare, transformed their business by integrating several existing stand-alone business units and manufacturing plants of GE Healthcare in India under Wipro GE Healthcare Entity.
In November 2009, the company signed an agreement to acquire the 'Yardley' Brand business in Asia, Middle East, Australia and certain African markets from UK based Lornamead Group. In March 2010, they won a turnkey project from the Financial Intelligence Unit - India, Ministry of Finance, Government of India. As part of the project, the company will implement FiNnet (Financial Intelligence Network) for FIU-IND.
In April 2010, the company signed a partnership agreement with Philips to offer Blu-ray middleware and solution development services around Philips' developed Blu-ray technology. In May 2010, the company and Oracle Corporation launched a co developed solution, a Process Integration Pack (PIP) for the High Technology industry. This solution is part of Wipro's offerings that provide a comprehensive solution footprint for the High Technology industry. They entered into a co-innovation agreement with SAP AG to develop and deliver sustainability management and energy management solutions to enterprise customers globally.
In June 2010, the company's Business Process Outsourcing division partnered with Microsoft Corporation for providing global Legal Process Outsourcing (LPO) for Microsoft's Intellectual Property (IP) portfolio. The company launched Wipro Hospitality Management Solution at HITEC 2010, the conference for the Hospitality and Leisure industry. In July 2010, the company in association with Lavasa Corporation Ltd and Cisco Systems Inc signed definitive agreements for Cisco to participate in MyCity Technologies Ltd to provide information and communications technology services in the new development of Lavasa City.
In August 2010, the company entered into a five year agreement with ArcelorMittal, the steel company, to consolidate and migrate their messaging systems to the Microsoft Exchange 2010 messaging platform. In September 2010, the company signed five year strategic partnership with Central Bank of India for providing core banking solution for seven sponsored regional rural banks. The company will deliver business-IT alignment by deploying and implementing the core banking solution and the identified delivery channels seamlessly. They will also set up a 24 hour centralized helpdesk facility for the project, covering applications, data center, networks, security and end user systems.
During the year 2010-11, the company re-structured a few of their subsidiaries including overseas subsidiaries through merger/other legal process. Wipro Yardley consumer care Pvt Ltd, a subsidiary company got merged with Wipro Ltd with effect from April 1, 2010, being the appointed date.
In December 2010, the company signed a contract with Vodafone Essar. As a part of this strategic engagement, the company will support Vodafone Essar with its fixed line telecom services for enterprise business customers. Wipro will provide a wide range of services including network design and build, integration with existing IT OSS/ BSS applications and managed services if the setup over three years. In addition, Wipro will also build an Enterprise Network Operation Center to manage the operations of Vodafone Essar's enterprise customers.
In January 2011, the company and Callidus Software Inc entered into a partnership to drive sales performance management across organizations in the Asia-Pacific region. In May 2011, the company signed an agreement to acquire majority stake of Brazil based Hydraulic Cylinder manufacturer R.K.M. EQUIPAMENTOS HIDRAULICOS LTDA. In June 10, 2011, the company acquired the Commercial Business Services Business Unit of Science Applications International Corporation (SAIC).
In 2012, Australia-based MMG Selects Wipro as Strategic Partner. Wipro Acquires L.D.Waxson with Skincare brands Bio-essence & Ginvera. Wipro Tech joined Car Connectivity Consortium (CCC) to develop smartphone-based connected-car solutions. Wipro Technologies and Oracle joined hands to offer next gen Oracle Fusion HCM solution. In a bid to capture the growth in fast emerging trade promotion industry, India's third largest software exporter Wipro ltd has signed an agreement to acquire Promax Applications Group (PAG) for a total consideration of AUD 35 million. Wipro also Wins NASSCOM Corporate Award for Excellence in Diversity and Inclusion 2012.
In 2013, Wipro Wins NASSCOM Corporate Award for Excellence in Diversity and Inclusion 2012. Wipro Launched Wipro AssureHealth Platform on Microsoft Technologies. Wipro also Wins 3 Year Contract from Emirates NBD. Wipro launches 3rd edition of its sustainability program for schools and colleges- earthian 2013'. Wipro Launches Co-Innovation Center for SAP Solutions in Bangalore. Wipro Launches Mobility Center of Excellence with Kony in Hyderabad. Wipro Receives National Award for Empowerment of Persons with Disabilities.
During the financial year 2013, Wipro carried out demerger of consumer care and lighting, infrastructure engineering businesses and other non IT business of the company. After the demerger, Wipro became a company focused on the IT services business.
In 2014, Wipro Wins 2013 Global, Asian and Indian MAKE Awards. Wipro Wins Ten Year Integrated IT and BPO Contract from UK-based, Carillion Plc. Wipro Signs Partnership with AxiomSL. Wipro Wins Managed Services Contract from DEN Networks. Wipro Wins a Transformational IT Applications and Infrastructure Engagement with 7-Eleven in Australia. Wipro Wins a Strategic Ten Year Total Outsourcing Engagement with ATCO. Wipro Launches Global Customer Experience Center. Wipro Ranked Global Leader in Telecom R&D Services for the Third Consecutive Year. Wipro is Rated as a No.1 Global Engineering and R&D service provider by Zinnov.
In 2015, Wipro wins $400m IT Infra Deal from Swiss Giant ABB. Wipro is also Awarded Multi Year Strategic Infrastructure Management Contract by Allied Irish Banks. Wipro also joins together with Acquia for digital technology. Wipro signs an agreement with Nexenta. Wipro Wins 5-Year Strategic Engagement with Coop Norge Handel AS. Wipro Wins 2015 Aegis Graham Bell Award for 'Innovation in IoT. Wipro Business Process Services Launches enterprise-Know Your Customer (e-KYC)' Automation Solution for Financial Institutions.
On 2 December 2015, Wipro announced that it has signed an agreement with Landesbank Baden-Wuerttemberg (LBBW) to acquire cellent AG for 73.5 million euros. Cellent AG is a leading IT consulting and software services company and has been offering holistic innovative IT solutions and services to its customers in the DACH region of Germany, Austria and Switzerland for the past 14 years. cellent AG serves the DACH market region with a team of more than 800 consultants, who will now become part of Wipro.
On 9 December 2015, Wipro Digital, the digital business unit of Wipro, announced the opening of its new London pod, furthering its commitment to offer enhanced digital transformation services at close proximity to its UK and European customers. The new pod is purpose-built for Wipro Digital's strategy, design and engineering teams to work in a collaborative and adaptive workspace side-by-side with clients.
On 23 December 2015, Wipro announced that it has signed a definitive agreement to acquire Viteos Group, a BPaaS provider for the Alternative Investment Management Industry, for a purchase consideration of USD 130 million. Viteos was founded in 2003 and is headquartered in Somerset, New Jersey. The Viteos Group provides customized straight-through-processing and integrates post-trade operations across every asset class, currency, border or structure for the alternative investment management industry in the United States, Europe and Asia. It is a leader in shadow-accounting services and offers a full range of middle and back-office outsourcing through its 400 plus employees.
On 4 February 2016, leading international insurer RSA announced a new seven-year partnership with Wipro to deliver its IT infrastructure requirements across the UK, Ireland and Scandinavia. Wipro will be providing infrastructure as a service for mainframe, mid-range, storage, cloud and end user services in addition to a multilingual service desk for RSA employees in all the regions. This will enable pan-European standardisation, improved end-to-end responsibility and a platform for business-led collaboration. This agreement follows a 10-month sourcing programme, which included 20 bidders, and reflects RSA's aim to drive benefits through the consolidation of services across its regional businesses.
On 8 February 2016, Wipro announced that it has won an IT infrastructure transformation contract from the ASSA ABLOY Group, headquartered in Sweden. ASSA ABLOY is the global leader in door opening solutions. As part of the five-year agreement, Wipro will consolidate ASSA ABLOY's existing data centers in the EMEA region and implement a cloud-based service model, which will include IaaS (Infrastructure as a Service) and PaaS (Platform as a Service).
On 11 February 2016, Wipro announced that it has signed a definitive agreement to acquire HealthPlan Services from Water Street Healthcare Partners, a strategic investor focused exclusively on the health care industry. As part of the agreement, Wipro will acquire 100% of HealthPlan Services' shares for a purchase consideration of USD 460 million. Headquartered in Tampa, Florida, HealthPlan Services offers market-leading technology platforms and a fully integrated Business Process as a Service (BPaaS) solution to Health Insurance companies (Payers) in the individual, group and ancillary markets. HealthPlan Services' BPaaS solutions are ideal for payers who want to operate in the private and public exchanges and the off-exchange individual market in the U.S.
On 22 February 2016, Wipro announced a partnership with Verveba Telecom, LLC, a premiere telecom network engineering company specializing in network planning, design, deployment and mobile radio network optimization services for telecom service providers. The partnership brings together Wipro's expertise in telecom sector and Verveba's award winning Mobile Radio Network Optimization technology with services, intellectual property and solutions of both organizations. Together, the companies will offer solutions to address industry challenges in generating measurable economic value from fast growing, mobile network technology deployments & optimization especially in 4G and single RAN technologies. Verveba and Wipro will work together on business development activities and expanding solutions to telecom service providers globally.
On 23 February 2016, Wipro announced a partnership with SugarCRM, the company that enables businesses to create extraordinary customer relationships with the most innovative, flexible and affordable CRM solution in the market, to offer Customer Relationship Management (CRM) solutions to enterprise customers. As part of the partnership, Wipro is establishing a new SugarCRM practice within Wipro's CRM service line. The company is also building a SugarCRM Center of Excellence (COE) with SugarCRM-trained and certified employees who can attend to customers worldwide. As partners, Wipro and SugarCRM anticipate addressing the increased expectations of empowered customers and will jointly offer enterprises a tool to act as the catalyst for a seamless customer experience.
On 10 March 2016, Wipro announced a strategic collaboration with Tableau, a global leader in rapid-fire, easy-to-use business analytics software, to offer solution accelerators and innovative delivery models for Wipro's and Tableau's customers across the globe. This partnership aims at cross leveraging business intelligence expertise between Wipro and Tableau to deliver holistic, future proof and ready-to-go advanced visualization solutions to their customers across the globe. With this partnership, Wipro will focus on creating solutions primarily in the sectors of financial services, retail, consumer packaged goods (CPG) and pharmaceuticals. Innovative cloud-based delivery and business models such as subscription based pricing that will be enabled with this collaboration will widen the spectrum of the offering in terms of both scale and scope.
On 14 March 2016, Wipro announced that it has won a multi-year engagement with NRGi, one of the top 5 utility providers in Denmark. As part of the contract, Wipro will develop a new IT platform to transform the utility company's CRM, Billing and Service Bureau operations.
On 15 March 2016, Wipro announced a strategic partnership with Schneider Electric, a global specialist in energy management and automated systems, to develop convergent solutions for India's Smart Cities. Wipro and Schneider Electric will collaborate to enable the delivery of cost-effective and efficient citizen services to urban and rural communities. Both organizations will jointly develop solutions in the Smart City space for India and global markets.
On 28 March 2016, Wipro announced that it has won a five-year contract from Jubilant FoodWorks Limited, master franchisee for Domino's Pizza and Dunkin' Donuts in India and the leader in the Quick Service Restaurant (QSR) space in the country with over 1,000 restaurants in India, to deliver energy management services and help reduce energy and operational costs.
On 4 May 2016, Wipro and and Qlik, a leader in visual analytics, announced that the companies have extended their partnership to a global alliance and will work together to offer advanced enterprise analytics solutions to joint customers across industry sectors. Wipro's competency in delivering end-to-end Business Intelligence (BI) solutions combined with QlikView, Qlik's market-leading data discovery solution, will widen the scope and scale of visualization solutions offered to customers.
On 5 May 2016, Wipro announced that it has been chosen by Thames Water, the United Kingdom's largest water and waste water services provider, to transform the utility company's customer service and retail billing capabilities. As part of this multi-year contract, Wipro will be developing new IT systems and processes to help Thames Water improve customer experience and drive operational efficiencies.
On 11 May 2016, Wipro announced a strategic partnership with Etiya, the leading Independent Software Vendor that provides services to transform the Communications and Digital Service Providers' businesses. The joint solution, offered by Etiya and Wipro, provides Communication Service Providers with capabilities which allow them to deliver digital services that address the requirements of the future market and customer expectations. The customer experience is focused around domains such as Sales and Marketing, Omni Channel Access, Social Listening and Analysis & B2B Extensions.
On 16 May 2016, Wipro announced a partnership with Xactly Corporation, a leading provider of enterprise-class, SaaS and cloud-based incentive solutions for employee and sales performance management. The partnership will offer Sales Performance Management (SPM) solutions for customer organisations across industry sectors in a software as a service model.
On 18 May 2016, Wipro announced that it has been selected by Vestas Wind Systems A/S as its strategic IT partner for Workplace Services. Headquartered in Aarhus, Denmark, Vestas is a global energy company that delivers best-in-class wind energy solutions in over 75 countries. Vestas' core business comprises of the development, manufacturing, sale and maintenance of wind power plants.
On 25 May 2016, Wipro announced the launch of Total Customer Centricity (TCC), a Master Data Management solution for the manufacturing sector. Total Customer Centricity (TCC) will enable global manufacturers to transition from a product-centric to a customer-centric approach. TCC will also provide visibility into the relationships between devices, locations and customers. The solution will allow manufacturers across the globe capture a comprehensive, single view of each of their customers and products.
On 8 June 2016, Wipro announced a partnership with Mountain View based Authentise Inc, a leading provider of 3D printing technologies and consulting services. This strategic partnership between Wipro and Authentise will enable adoption of additive manufacturing among the Global 2,000 companies.
On 15 June 2016, Wipro announced the launch of its analytics solution, Data Discovery Platform. The solution provides pertinent business insights across the value chain of an industry through pre-defined 'apps'. Wipro's Data Discovery Platform will enable businesses to embark on an analytics journey with value added services of process simplification and business transformation.
On 20 July 2016, The Greater Toronto Airports Authority (GTAA) announced that it has awarded a seven-year strategic IT and Business transformation contract to Wipro. GTAA operates Toronto Pearson International Airport, the largest airport in Canada and the second largest in North America in terms of international traffic.
On 7 September 2016, Wipro announced that it has won an IT contract from NSB Group, one of Norway's largest transportation groups. Headquartered in Oslo, NSB has extensive passenger transportation operations by way of the rail and bus, freight by rail, property management and development and train maintenance segments. As part of the three-year agreement, Wipro will implement its Boundaryless Datacenter (BLDC) and LiVE Workspace solutions and utilize its next-generation delivery framework ServiceNXT to deliver services which will help NSB variablise its IT operations.
On 12 September 2016, Wipro announced a partnership with Israel-based IntSights Cyber Intelligence Ltd to bolster and expand its 'Threat Intelligence as- a- Service offering.' Intsights has developed a sophisticated cyber threat intelligence platform which provides advance warning and customized insights about potential cyberattacks and recommends remedial action. The company monitors the open, deep and dark web, including cyber-crime forums and social media platforms for signs of targeted threats against enterprises and provides alerts in near real-time to enable timely response and mitigation. Wipro's 'Threat Intelligence as a Service' offering delivers in-depth analysis of cyber threats originating from in-house sources and third-party sources or threat actors and provides enterprises with accurate cyber intelligence and incident mitigation strategies.
On 12 September 2016, Wipro announced a partnership with Vectra Networks, a Silicon Valley-based cybersecurity company that provides automated threat management solutions for real-time detection of in-progress cyber attacks. Wipro will leverage the Vectra automated threat management platform built with artificial intelligence-based on machine learning and behavioral analytics to detect attacker behaviors and user anomalies in the network. On 15 September 2016, Wipro and Reltio, an enterprise data-driven applications and modern data management Platform as a Service (PaaS) company, announced a partnership to develop faster and cost effective Master Data Management (MDM) solutions. This partnership will help Reltio and Wipro's clients bridge the gap between data and insights by boosting the reliability of information, while ensuring users get access to relevant data.
On 20 September 2016, Wipro and Witbe, a leading innovator in the field of Test Automation and Services Quality of Experience (QoE) Monitoring Robots for Broadband, Voice and TV Triple-Play monitoring, unveiled their global partnership. This partnership is of strategic importance to Wipro, and will offer integrated test automation and video services monitoring solutions for customer deployments across set top box, mobile platforms and other handheld devices. These solutions will benefit new and existing customers of Wipro and Witbe including semiconductor players, Original Equipment Manufacturers (OEMs), Original Design Manufacturers (ODMs) and service providers in the media industry.
On 13 October 2016, Wipro announced the launch of Treasury DNA Decisions and Analytics platform that will digitally enable global treasuries using cloud technologies. Treasury DNA is powered by BELLIN's tm5, a leading treasury management systems provider. Treasury DNA is a next generation platform with a comprehensive suite of technology services delivered in a subscription-based model, and is ideal for global treasurers who aspire to be future-ready. The platform aims to transform and enhance treasury processes and operations within an enterprise. It provides real-time, integrated data and actionable treasury insights to power financial decision making.
On 20 October 2016, Wipro announced that it has signed a definitive agreement to acquire Appirio, a global cloud services company that creates next generation worker and customer experiences, for a purchase consideration of USD 500 million. Established in 2006, Appirio is headquartered in Indianapolis with offices in San Francisco, Dublin, London, Jaipur, and Tokyo and has 1,250 employees worldwide. Appirio is a trusted partner to some of the world's leading brands, including Stryker, Robert Half, Johnson Controls, Cardinal Health, Coca-Cola, eBay, Facebook, Home Depot, and Sony PlayStation. Once completed, Wipro's acquisition of Appirio will create one of the world's largest cloud transformation practices, a game changer in today's as-a-service and digital economy. Appirio also brings to Wipro, Topcoder, a leading crowdsourcing marketplace connecting over a million designers, developers and data scientists around the world with customers.
On 27 October 2016, Wipro announced that it has won a five-year engagement with Speciality Restaurants Ltd., a leading fine dining operator in India with 107 restaurants spread across India, Bangladesh, Tanzania and Doha in Qatar. Wipro will offer energy management services to Speciality Restaurants, which would help pare energy and operational costs. The EcoEnergy business of Wipro will implement its Managed Restaurant Energy Services (MRES) program across Speciality Restaurants' full service restaurants.
On 7 November 2016, Wipro announced the launch of its Open Banking API (Application Programming Interface) Platform. The Open API platform will enable banks and financial institutions to launch Open Banking initiatives and create new forms of distribution channels and servicing capabilities, provide access to third-party application marketplaces, and comply with emerging regulatory norms through the standardization of APIs. Open Banking is an emerging trend in financial technology that uses Open APIs to enable third party developers build applications and services around a financial institution. It facilitates greater financial transparency and helps financial institutions innovate and create new revenue models. Open Banking has been gaining significant momentum across the globe, especially in the European banking industry - driven by changing regulatory mandates. Revised Directive on Payment Services (PSD2) is one such regulatory mandate that aims to standardize, integrate and improve payment efficiency in the European Union.
On 15 November 2016, Wipro and ASG Technologies, a global provider of information access, management and control solutions, announced an expanded partnership that integrates the offerings of Wipro's Data Management Centre of Excellence (CoE) with ASG's Enterprise Data Intelligence solution to improve compliance for the global financial services companies.
On 1 December 2016, Wipro announced that it has been awarded a three-year IT infrastructure services and digital transformation contract by Woodside. Woodside is an Australian oil and gas company with a global presence, and is recognised for its world-class capabilities as an explorer, a developer, a producer and supplier. Leveraging its ServiceNXT platform, Wipro will provide Managed Services for IT Infrastructure across Woodside's global portfolio, with a focus on the larger sites of Perth and Karratha in Australia. The engagement includes delivering infrastructure services to offshore maritime facilities and potential exploration sites.
On 25 January 2017, Wipro signed an agreement to acquire InfoSERVER S.A. for BRL 27.6 Million (USD 8.7 million). InfoSERVER, an IT services provider, which is focussed on the Brazilian market, provides custom application development and software deployment services. Two-decade old InfoSERVER, which counts some of the largest Brazilian banks as its clients, will help Wipro in expanding its presence in the country's highly traditional and competitive Banking, Financial Services & Insurance market besides adding invaluable domain and process knowledge on the sector.
On 30 January 2017, Wipro announced a strategic partnership with Tradeshift, the fastest growing business commerce platform, to offer cloud-based Source-to-Pay (S2P) Business Process as a Service (BPaaS) solution. The partnership aims to help customers accelerate digitalization and automation in their procurement, finance and accounting functions. Headquartered in San Francisco, Tradeshift offers a business commerce platform to digitally connect companies through cloud-based, collaborative accounts payable and procurement automation. Along with the partnership agreement, Wipro Ventures, the strategic investment arm of Wipro, has made an investment in Tradeshift to strengthen the partnership and further develop Tradeshift's innovative applications, trade financing solutions platform and business-to-business marketplace ecosystem.
On 31 January 2017, Wipro Gallagher Solutions (WGS), an end-to-end provider of lending products and services, announced a partnership with Veri-Tax LLC, a leading national verification specialist, to streamline verification solutions. The partnership between Wipro Gallagher Solutions, the provider of the NetOxygen Loan Origination System (LOS) and Veri-Tax LLC will help lenders mitigate identity fraud, accelerate processing, and improve the customer's experience seamlessly and electronically.
On 1 February 2017, Wipro announced that it has joined the Industrial Internet Consortium (IIC), the global, member-supported organization that promotes the accelerated growth of the Industrial Internet of Things (IIoT). This membership provides Wipro opportunities to engage and innovate with multi-partner testbeds and adopt best practices to drive digital transformation for customers.
On 14 February 2017, Wipro announced that it is delivering analytics-based insights for specific industries with the Data Discovery Platform, its newest big data analytics-as-a-service solution. Built with IBM BigInsights and IBM dashDB and developed on Bluemix, IBM's cloud platform, the solution accelerates insight-driven decision making through pre-built applications for specific industries, such as banking and financial services, retail, energy, education and manufacturing.
On 15 February 2017, Wipro announced that its Digital-TV (DTV) Middleware Solution, which facilitates In-Car TV reception systems, has been customized for the Japanese automotive market. Wipro's DTV Middleware offering provides a turnkey solution for global Original Equipment Manufacturers (OEMs) of automotive infotainment systems to enable broadcast TV reception within vehicles.
On 28 February 2017, Wipro announced a new IoT-based solution for wind parks and wind turbine manufacturers that leverages the Hewlett Packard Enterprise (HPE) Windpark Manager 4.0. The solution manages wind turbines and associated IT infrastructure, including IT applications and security aspects to optimize operational expenditure, generate new revenue streams, and future-proof a customer's business.
On 8 March 2017, Wipro announced that it has become a member of the LoRa Alliance, one of the fastest growing Internet of Things (IoT) alliances with over 400 members. This membership will help Wipro accelerate its Internet of Things (IoT) solution deployments, using Low Power Wide Area Networks (LPWAN) technology for customers across industry sectors such as energy, utilities, natural resources, smart cities, ports, and logistics.
On 14 March 2017, Wipro announced that it has won a twelve-year contract from NHS Scotland to build a next generation Enterprise Master Patient Index (eMPI) solution. This solution, which will be hosted in Scotland, will help NHS Scotland transition from its current legacy Community Health Index System (CHI) to offer cost effective, efficient, paperless and patient-friendly healthcare services in Scotland. NHS Scotland is the region's National Health Board working towards reducing health inequalities and improving health conditions.
On 15 March 2017, Wipro announced its partnership with Harte Hanks to offer marketing technology services. As part of the multi-year engagement, Wipro will upgrade Harte Hank's data analytics and applications platform, create a scalable operating model and simplify IT related processes for the company. Harte Hanks is an American marketing services company specializing in omni-channel marketing solutions including consulting, strategic assessment, data, analytics, digital, social, mobile, print, direct mail and contact center.
On 15 March 2017, Wipro announced the opening of an Automotive Engineering Center (AEC) in Detroit. The center aims to drive innovation in connected vehicle concepts - design, product engineering, digital customer-vehicle experiences, artificial intelligence, and sensors-driven advanced vehicle data analytics. The center will serve as a hub to support the automotive engineering and IT requirements of Original Equipment Manufacturers (OEMs) and tier-I suppliers, based in North America.
On 4 May 2017, Wipro announced that it has joined the Enterprise Ethereum Alliance (EEA) as a founding member. EEA is a collaboration of enterprises to promote, develop and implement enterprise grade Ethereum-based blockchain applications across industries for specific business use cases.On 17 May 2017, Wipro announced that it has developed nine blockchain-based solutions for the Banking Financial Services and Insurance (BFSI), Manufacturing, Retail and Consumer Goods industries. Defined, designed and co-developed with clients in Wipro's Blockchain Innovation Lab, these solutions demonstrate what block chain can accomplish for global enterprises.
On 14 June 2017, Wipro announced that it has won an IT Applications Managed Services engagement with Valmet, a leading global developer and supplier of technologies, automation and services for the pulp, paper and energy industries. Valmet is headquartered in Finland. As part of the multi-year engagement, Wipro will deliver the maintenance and support of the new ERP platform in a Managed Services model covering all global locations in which Valmet operates. The construct of the contract is geared towards bringing cost efficiencies and enabling enhanced optimization in ongoing support. Additionally, Wipro will also support the end to end testing activities around the implementation and rollout of the new ERP platform.
On 15 June 2017, Wipro announced that it has achieved Amazon Web Services (AWS) Service Delivery status for AWS Service Catalog. With this status, Wipro's capabilities help clients build the AWS Service Catalog to enable self-service discovery, maintain controls and centrally manage their enterprise cloud services.
On 22 June 2017, Wipro announced a collaboration with Red Hat, the world's leading provider of open source solutions, to set up a cloud application factory designed to offer developers and IT teams a repeatable and rapid methodology for application modernization across public, private, and hybrid clouds. Wipro's cloud application factory will have a dedicated services team that can help drive the strategy, design, and delivery of next generation applications globally, using Red Hat OpenShift Container Platform, Red Hat's award-winning container application platform.
On 28 June 2017, Wipro announced that locals now form over 50% of its US workforce. The company has been focused on creating jobs in the US underscoring its strategy to build a deep reservoir of local talent based out of centers close to its clients. During the past decade, Wipro has invested over USD 2 billion in the United States.
On 5 July 2017, Wipro and Ramot, the Business Engagement Center at Tel Aviv University (TAU), announced a partnership for joint research in emerging technologies. TAU is Israel's largest institution of higher learning which is home to over 30,000 students studying in nine faculties, over 125 schools and departments across the spectrum of sciences, engineering, humanities and the arts. The partnership envisages the creation of joint research capability at TAU, supported by Wipro to pursue core as well as applied research in fast-developing technologies in the Artificial Intelligence (AI) space.
Wipro's Board of Directors at its meeting held on 20 July 2017 approved a proposal to buyback up to 34.37 crore equity shares of the company for an aggregate amount not exceeding Rs 11000 crore, being 7.06% of the total paid up equity share capital, at Rs 320 per share on a proportionate basis under the tender offer route.
On 25 July 2017, Wipro announced a partnership with Hewlett Packard Enterprise (HPE) to offer IT infrastructure solutions in a consumption-based or pay-per-use business model for enterprises. This model for IT Infrastructure procurement and provisioning will be offered to both Wipro and HPE's customers, globally. As a part of this alliance, Wipro will leverage HPE Flexible Capacity to offer flexible and scalable IT infrastructure services in a consumption-based IT model, accelerate growth and enable digital transformation for its customers. HPE's scalable consumption-based IT model of provisioning and procurement coupled with Wipro's industry proven end-to-end suite of IT Infrastructure services, and global delivery capabilities will enhance the security, agility, scalability of customers' IT infrastructure, and help them ascertain and regulate the public cloud economics of their data centers.
On 1 August 2017, Wipro announced the launch of a multi-million dollar Silicon Valley Innovation Center in Mountain View, California. This state-of-the-art R&D and incubation hub is designed to develop and showcase next-generation technologies and solutions for enterprises.
On 2 August 2017, Wipro and Tricentis, a software testing company and a thought leader in the automated testing space, announced a partnership for Quality Engineering. This partnership with Tricentis will strengthen Wipro's Quality Engineering and Testing Services capabilities, by integrating Tricentis Tosca, a continuous testing platform, with Wipro AssureNXT, a managed services QA platform combined with the capabilities of Wipro HOLMES Artificial Intelligence Platform as a part of the broader automaton ecosystem.
On 7 August 2017, Wipro announced the availability of Data Discovery Platform, its big data analytics-as-a-service solution on Microsoft Azure. The solution accelerates insight-driven decision making through pre-built applications for specific industries, such as banking and financial services, retail, energy, education and manufacturing. Wipro's Data Discovery Platform will enable businesses to embark on an analytics journey with value added services of process simplification and business transformation to bridge the gap between the insights required by business and the information that is available. Wipro Data Discovery Platform is available in an outcome-based pay-per-insight' cloud delivery model.
On 8 August 2017, Wipro and Excelfore, a leading provider of middleware solutions for Smart Mobility Networks, announced a global partnership to offer secure connectivity solutions for next generation smart and autonomous vehicles. This partnership combines Excelfore's Smart Mobility Networks solutions with Wipro's global systems integration and managed services expertise to enable connected car solutions for automotive original equipment manufacturers (OEMs) and Tier 1 equipment makers.
On 16 August 2017, Wipro announced that it has won a five-year IT infrastructure and applications managed services engagement with Grameenphone (GP), a leading telecom operator in Bangladesh. Wipro will be managing the complete IT landscape for GP, leveraging Wipro HOLMES.
On 4 September 2017, Wipro announced the launch of its newest digital pod in Edinburgh, Scotland, deepening its commitment to offer digital services at close proximity to its UK and European customers. The Edinburgh Pod is purpose-built for Wipro's digital strategy, design and engineering teams to work in a collaborative and adaptive workspace, along with clients. Digital pods allow teams to work with the necessary autonomy to facilitate speed, continually evaluating progress with user research and technical performance data.
On 7 September 2017, Wipro announced that it has won a five-year IT applications management contract from Outokumpu. Headquartered in Finland, Outokumpu is a global leader in stainless steel. As part of the five-year contract, Wipro will provide applications management services for Outokumpu's SAP landscape along with legacy applications support to cover Outokumpu locations globally.
On 12 September 2017, Wipro announced the launch of an Automotive Center of Excellence (CoE) in Timisoara, Romania. This CoE will help Wipro deliver innovative embedded software solutions for its global and European clients. This engineering center in Romania is part of Wipro's global delivery network that offers best-in-class engineering and IT services.
On 13 September 2017, Wipro announced that it has joined Hyperledger to design and develop open source-based blockchain solutions for enterprise-grade blockchain deployments. Hyperledger is a global open source collaborative effort created to advance cross-industry blockchain technologies across sectors such as finance, banking, Internet of Things, supply chain, manufacturing and technology.
On 14 September 2017, McLaren Technology Group announced that Wipro has become the official technology provider to help drive digitalisation across its businesses. Wipro will assist McLaren with achieving its recently defined IT strategy, focusing on providing next-generation differentiated IT services to its business divisions with an emphasis on agility and improved reliability.
On 14 September 2017, Wipro announced the launch of automation services powered by its HOLMES artificial intelligence platform. Wipro's automation services are designed to deliver cognitive enhancements to user experience and productivity with a measurably improved Business Value Index' for each level of a business process.
On 15 September 2017, Wipro announced that it has been awarded a seven-year contract by innogy SE to manage its data center and cloud services. innogy SE is an established European energy company. As part of the agreement signed in November 2016, innogy transferred its twin data centers in Neurath und Niederaussen in Germany to Wipro on 1 February 2017. The subsequent transition phase ran smoothly. Wipro will leverage its BoundaryLess Data Center offering to help innogy drive a transformation program to rationalize, virtualize and consolidate its IT infrastructure.
On 15 September 2017, Wipro announced plans to deliver the Wipro BoundaryLess Data Center (BLDC) solution built on Hewlett Packard Enterprise (HPE) ProLiant for Microsoft Azure Stack to help customers expand their infrastructure capabilities beyond the traditional walls of the enterprise datacenter. This joint offering will help Wipro's customers benefit from an economic cloud model, in a hybrid environment across both on-premises data centers and the Azure public cloud.
On 26 September 2017, Wipro and CloudGenix Inc., a leading provider of Software-Defined Wide Area Networking (SD-WAN) products, announced a partnership to offer open and managed SD-WAN services. Termed as WANFreedom, the service allows enterprise customers to rapidly deploy cloud, SaaS (Software as a Service) and data center applications over any combination of MPLS (Multiprotocol Label Switching), Internet broadband and LTE (Long Term Evolution) networks, thereby enabling a rich user experience and IT infrastructure cost optimization.
On 5 October 2017, Wipro Digital announced that it has signed a definitive agreement to acquire Cooper, an award-winning design and business strategy consultancy. Wipro Digital is the digital business unit of Wipro. Cooper will become part of Designit, Wipro Digital's strategic design arm, further strengthening its design and innovation capabilities, expanding its reach in North America and adding capabilities in professional design education.
On 6 November 2017, Wipro announced the launch of industry-specific solutions on SAP Leonardo. The first set of solutions will focus on the utilities industry, while the next will cover the consumer and manufacturing industries. SAP Leonardo is a holistic digital innovation system that comprehensively integrates future-facing technologies and capabilities into SAP Cloud Platform. As part of the partnership, Wipro will develop industry-specific analytics 'apps' on its insights-as-a-service solution, Data Discovery Platform, leveraging SAP Leonardo analytics, Big Data and data intelligence capabilities.
On 1 December 2017, Wipro announced that its long-time customer National Grid US has filed lawsuit against the company in U.S. District Court for the Eastern District of New York seeking damages amounting to $140 million plus additional costs related to the project. The lawsuit relates to an ERP implementation project which began in 2009. Wipro joined the project in 2010, and the post-Go-live process was completed in 2014. Wipro said National Grid's claims are baseless and that the company will vigorously contest the allegations in court.
On 15 December 2017, Wipro announced a partnership with Headspin, a San Francisco-based powerful, easy-to-use mobile experience platform, to offer next-generation mobility quality engineering and testing solutions on global mobile networks. This partnership will leverage Headspin's network of 22,000 mobile devices deployed in carrier networks across 150 locations and Wipro's industry leading quality assurance capabilities to bring significant value to customers by validating their mobile applications, devices and networks under real life conditions. The joint offering will enable continuous monitoring of applications, identification of performance bottlenecks and rectification of inefficient content delivery to ensure a seamless application experience for end users, across geographies. Wipro Ventures, the strategic investment arm of Wipro that is focused on investing in early- to mid-stage startups, made an investment in Headspin in October 2017.
On 23 January 2018, Wipro announced that it has won a multi-year business process services engagement with Nilfisk. Headquartered in Denmark, Nilfisk is a leading global supplier of professional cleaning equipment and solutions. As part of this contract which was signed in June 2017, Wipro will leverage its global delivery network to implement business process services for Nilfisk in the areas of Finance and Accounting (F&A), Marketing services as well as select IT services in more than 45 client locations, across the world. Wipro will support Nilfisk in consolidating its back office Finance & Accounting operations, being delivered from globally diverse locations.
On 24 January 2018, Wipro announced that its wholly owned subsidiary Wipro LLC will invest $9.9 million for a minority stake in Harte Hanks, a US-based global marketing services company specializing in omni-channel marketing solutions including consulting, strategic assessment, data, analytics, digital, social, mobile, print, direct mail and contact center. Both companies will expand their existing partnership to offer end-to-end marketing technology services to customers.
On 1 March 2018, Wipro announced that it has signed a definitive agreement to acquire a minority stake in US based Denim Group, a leading independent application security firm. This partnership will bring together Wipro's strong digital transformation and cybersecurity capabilities with Denim Group's application security consulting, assessments and implementation services including DevSecOps and secure development training services.
On 14 March 2018, Wipro announced that it has signed a definitive agreement to divest its hosted data center services business to Ensono, a leading hybrid IT services provider, for USD 405 million. Wipro and Ensono have also signed a long-term partnership agreement to jointly address the hybrid IT requirements of Wipro's new and existing enterprise customers. As part of the agreement, Wipro will make a strategic investment of USD 55 million in Ensono's combined entity.
On 14 March 2018, Wipro and Trintech, a leading global provider of integrated, cloud-based Record to Report (R2R) finance software solutions for the office of finance, announced a strategic partnership to deliver digital solutions that help simplify and automate business finance functions at enterprises. As a strategic partner, Wipro will offer its clients Trintech's portfolio of financial solutions, which encompass high-volume transaction matching, balance sheet and intercompany reconciliations, journal entries, financial close task management, disclosure and fiduciary reporting, and compliance management. Wipro will work further with its clients to complement Trintech's portfolio with its strong consulting and execution capabilities in three key areas: collaborating with Wipro's AI & Automation platform HOLMESTM to extend the footprint of Trintech's Risk Intelligent RPATM financial solution; planning and delivering world-class financial transformation along with integration services with clients' systems; and post-implementation support utilizing Wipro's global delivery model.
On 26 March 2018, Wipro announced an expanded global relationship with Adobe to create, build and run digital marketing solutions and campaigns for their clients, across the globe. As a part of this alliance, Wipro will embed Adobe's design and prototyping software, Adobe XD CC, the all-in-one UX/UI solution for designing and prototyping mobile apps and websites, into its Digital Experience Platform.
On 27 March 2018, Wipro unveiled its Texas Technology Center in Plano, Texas. The new facility will primarily house Wipro's US cyber security center, as well as serve as a hub for advanced analytics. The state-of-the-art 45,000-square feet center is designed to promote collaboration, spur eativity and enhance productivity. In addition to the newly-launched Texas Technology Center in Plano, Wipro has major operations in Dallas and Houston, in Texas.
During the year 2018-19, the Company allotted 1,681,717 equity shares and transferred 2,599,183 equity shares of Rs 2/- each from Wipro Equity Reward Trust, pursuant to exercise of stock options by eligible employees and allotted 1,508,469,180 equity shares of Rs 2/- each as bonus equity shares on 08 March 2019 by capitalization of sums standing to the credit of the free reserves and/or the securities premium account and/or the capital redemption reserve account of the Company.
During the financial year 2018-19, your Company invested an aggregate of Rs 36,373 million in its direct subsidiaries.
On 16 April 2019, the Board approved a proposal to buyback up to 323,076,923 (Thirty Two Crores Thirty Lakhs Seventy Six Thousand Nine Hundred and Twenty Three) equity shares of the Company for an aggregate amount not exceeding Rs 105,000,000,000/- (Rupees Ten Thousand Five Hundred Crores only), being 23.03% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone balance sheet as at 31 March 2019, at a price of Rs 325/- (Rupees Three Hundred and Twenty Five) per equity share.
During the FY2019, merger of Wipro Technologies Austria GmbH, Wipro Information Technology Austria GmbH, NewLogic Technologies SARL and Appirio India Cloud Solutions Private Limited (wholly owned subsidiaries) with and into Wipro Limited pursuant to order dated 29 March 2019 passed by NCLT approving the scheme of amalgamation ('Scheme') for the aforesaid merger. As per the said Scheme, the appointed date is 01 April 2018.The company liquidated Appirio Singapore Pte Ltd and Appirio GmbH. Also carried out the merger of Cellent Mittelstandsberatung GmbH with and into Cellent GmbH, Germany. The company setting up of a new subsidiary namely Wipro IT Services S.R.L in Romania. Also Setting up of a new subsidiary namely Wipro US Foundation in USA.
Wipro was ranked as the third fastest growing global IT Services brand in 2019 in a study conducted by Brand Finance, the world's leading brand valuation firm. Wipro received Quality Global Supplier' award from innogy SE. Wipro was included in the Dow Jones Sustainability Index (DJSI) - World and Emerging Markets for the 9th time in succession.
Pursuant to the approval of the Board on 16 April 2019 and approval of shareholders through special resolution dated 01 June 2019 passed through postal ballot/e-voting, your Company concluded the buyback of 323,076,923 equity shares of face value of Rs 2/- each at a price of Rs 325/- per equity share, for an aggregate amount of Rs 105,000 million, in September 2019.
During the financial year 2019-20, your Company has carried out restructuring of its following subsidiaries: a. Dissolution of Wipro Retail UK Limited and Liquidation of Appirio GmbH, b. Merger of Frontworx Informationstechnologie GmbH with and into Cellent GmbH, c. Merger of Digital Aps with and into Designit A/s.
During the FY2020,Wipro was included in the Dow Jones Sustainability Index (DJSI) - World and Emerging Markets for the 10th time in succession.The company has been named as 2020 World's Most Ethical Company for the 9th successive year by the Ethisphere Institute.The company was also recognised as leader in Everest Group PEAK MatrixTM in 2019 and 2020 Healthcare payer digital services.The company has been recognised by the Top Employers Institute as a Top Employer in Australia, for 2020.
During the nine months ended 31 December 2020, the Company has completed two business combinations (which individually are not material) for a total consideration of Rs 7,853. These include (a) acquisition of IVIA Servicos de Informatica Ltda. ('IVIA '), a specialized IT services provider to financial services, retail and manufacturing sectors in Brazil (b) acquisition of 4C NV and its subsidiaries ('4C'), a Salesforce multicloud partner in Europe, U.K. and the Middle East, and (c) acquisition of Encore Theme Technologies Private Limited ('ETT'), a Finastra trade finance solutions partner across the Middle East, Africa, India and Asia Pacific.
On 13 October 2020, the Board of Directors approved a proposal to Buyback up to 237,500,000 equity shares of Rs 2 each (representing 4.16% of total paid-up equity share capital as at 30 September 2020) from the shareholders of the Company on a proportionate basis by way ofa tender offer at a price of Rs 400 per equity share for an aggregate aruount not exceeding Rs 95,000 million ('Buyback'), in accordance with the provisions contained in The Securities and Exchange Board of lndia (Buy-back of Securities) Regulations, 2018, as amended and the Companies Act, 2013 and rules made thereunder ('Buyback Regulations'). Subsequently, the shareholders of the Company approved the Buyback through postal ballot (including e-voting) on 16 November 2020 and 11 December 2020 was fixed as the record date for the Buyback. In accordance with the provisions of the Buyback Regulations, the Letter of offer for the buyback was approved by SEBI on 21 December 2020 and tender period for Buyback opened on 29 December 2020 and will close on 11 January 2021. Consequently, the Company has recorded a liability towards gross obligation on Buyback of equity shares oft 95,000 million and the corresponding liability for tax on buyback of Rs 22,021 million as at 31 December 2020.
On 22 December 2020, as part of strategic partnership, the Company entered into a definitive agreement with Metro AG to take over the IT units in Germany and Romania. The consummation of the transaction is subject to receipt of regulatory approvals and customary closing conditions and is expected to be completed by 30 April 2021.
In March 2021, the company has acquired London-based The Capital Markets Company(Capco) for USD 1.45 billion. Capco is a management and technology consultancy firm that provides digital,consulting and technology services to the global banking and financial services industry.
Wipro Ltd
Directors Reports
Dear Members,
It gives me immense pleasure to present the 77th Board's Report, on behalf
of the Board of Directors (the "Board") of the Company, along with the
Balance Sheet, Profit and Loss account and Cash Flow statements, for the financial year
ended March 31, 2023.
I. FINANCIAL PERFORMANCE
On a consolidated basis, your Company's sales increased to RS. 904,876 Million for the
current year as against RS. 790,934 Million in the previous year, recording
an increase of 14.41%. Your Company's net profits decreased to RS. 113,665 Million for
the current year as against RS. 122,434 Million in the previous year, recording a decrease
of 7.16%.
On a standalone basis, your Company's sales increased to RS. 677,534 Million for the
current year as against RS. 595,744 Million in the previous year, recording an increase of
13.73%. Your Company's net profits decreased to RS. 91,767 Million in the current year as
against RS. 121,353 Million in the previous year, recording a decrease of 24.38%.
Key highlights of financial performance of your Company for the financial year 2022-23
are provided below:
(RS. in Millions)
|
Standalone |
Consolidated |
|
2022-23 |
2021-22 |
2022-23 |
2021-22 |
| Sales |
677,534 |
595,744 |
904,876 |
790,934 |
| Other Operating Income |
- |
- |
- |
2,186 |
| Other Income |
23,542 |
47,061 |
22,657 |
20,612 |
| Operating Expenses |
(578,387) |
(490,163) |
(779,819) |
(662,381) |
| Share of net profit/ (loss) of associates accounted for using the equity method |
- |
- |
(57) |
57 |
| Profit before Tax |
122,689 |
152,642 |
147,657 |
151,408 |
| Provision for Tax |
30,922 |
31,289 |
33,992 |
28,974 |
| Net profit for the year |
91,767 |
121,353 |
113,665 |
122,434 |
| Other comprehensive (loss)/income for the year |
(6,098) |
(1,487) |
10,738 |
11,452 |
| Total comprehensive income for the year |
85,669 |
119,866 |
124,403 |
133,886 |
| Total comprehensive income for the period attributable to: |
|
|
|
|
| Minority Interest |
- |
- |
217 |
187 |
| Equity holders |
85,669 |
119,866 |
124,186 |
133,699 |
| Appropriations |
|
|
|
|
| Dividend |
5,487 |
32,891 |
5,477 |
32,804 |
| Equity Share Capital |
10,976 |
10,964 |
10,976 |
10,964 |
| EPS |
|
|
|
|
| - Basic |
16.75 |
22.20 |
20.73 |
22.37 |
| - Diluted |
16.72 |
22.14 |
20.68 |
22.31 |
Note: The standalone and consolidated financial statements of the Company for the
financial year ended March 31, 2023, have been prepared in accordance with the Indian
Accounting Standards (Ind AS) as notified by the Ministry of Corporate Affairs and as
amended from time to time.
Dividend
Pursuant to Regulation 43A of the Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing
Regulations"), the Board has approved and adopted a Dividend Distribution Policy.
The policy details various considerations based on which the Board may recommend or
declare Dividend, Company's
dividend track record, usage of retained earnings for corporate actions, etc. The
Dividend Distribution policy and Capital Allocation policy are available on the Company's
website at https://www.wipro.com/content/ dam/nexus/en/investor/corporate-governance/
policies-and-guidelines/ethical-guidelines/12769- dividend-distribution-policy.pdf.
Pursuant to the approval of the Board on January 13, 2023, your Company paid an interim
dividend of RS. 1 per equity share of face value of RS. 2 each, to shareholders whose
names were appearing in the register of members as on January 25, 2023, being the record
date fixed for this purpose, after deduction of applicable taxes. The total net cash
outflow was of RS. 4,947 Million, resulting in a dividend payout of 5.39% of the
standalone profits of the Company.
The interim dividend of RS. 1 per equity share declared by the Board on January 13,
2023 shall be the final dividend for the financial year 2022-23.
Your Company is in compliance with its Dividend Distribution Policy and Capital
Allocation Policy as approved by the Board.
Buyback
On April 27, 2023, the Board of Directors of your Company approved the buyback of
equity shares, subject to the approval of shareholders, for purchase by the Company of up
to 269,662,921 equity shares of RS. 2 each (being 4.91% of the total number of equity
shares in the paid-up equity capital of the Company) from the shareholders of the Company
on a proportionate basis by way of a tender offer at a price of H445 per equity share for
an aggregate amount not exceeding Rs.120,000 Million, in accordance with the provisions
contained in the Securities and Exchange Board of India (Buy-back of Securities)
Regulations, 2018, the Companies Act, 2013 and Rules made thereunder. Taxes and
transaction costs due on the buyback of equity shares will be paid separately.
Transfer to Reserves
Appropriations to general reserves for the financial year ended March 31, 2023, as per
standalone and consolidated financial statements were:
(RS. in Millions)
|
Standalone |
Consolidated |
| Net profit for the year |
91,767 |
113,500* |
| Balance of Reserves at the beginning of the year |
532,543 |
643,066 |
| Balance of Reserves at the end of the year |
616,647 |
765,703 |
* Excluding non-controlling interest
For complete details on movement in Reserves and Surplus during the financial year
ended March 31, 2023, please refer to the Statement of Changes in Equity included in the
Standalone and Consolidated financial statements on page nos. 163 to 164 and 245 to 246
respectively of this Annual Report.
Share Capital
During the financial year 2022-23, the Company allotted 5,847,626 equity shares
consequent to exercise of employee stock options. The equity shares allotted/ transferred
under the Employee Stock Option Schemes shall rank pari-passu with the existing equity
shares of the Company. The paid-up equity share capital of the Company as of March 31,
2023, stood at RS. 10,976 Million consisting of 5,487,917,741 equity shares of RS. 2 each.
Subsidiaries and Associates
As on March 31,2023, your Company had 159 subsidiaries and 1 associate. In accordance
with Section 129(3) of the Companies Act, 2013, a statement containing salient features of
the financial statements of the subsidiary companies in Form AOC-1 is provided at page
nos. 330 to 336 of this Annual Report. The statement also provides subsidiaries
incorporated during the financial year, details of performance and financial position of
each of the subsidiaries and associates.
Audited financial statements together with related information and other reports of
each of the subsidiary companies have also been placed on the website of the Company at
https://www.wipro.com/investors/annual- reports/.
Your Company funds its subsidiaries, from time to time, in the ordinary course of
business and as per the funding requirements, through equity, loan, guarantee and/or other
means to meet working capital requirements.
In terms of the Company's Policy on determining "material subsidiary", during
the financial year ended March 31, 2023, Wipro LLC was determined as a material subsidiary
whose income exceeds 10% of the consolidated income of the Company in the immediately
preceding financial year. Further details on the subsidiary monitoring framework have been
provided as part of the Corporate Governance report.
Particulars of Loans, Guarantees and Investments
Pursuant to Section 186 of the Companies Act, 2013 and Schedule V of the Listing
Regulations, disclosure on particulars relating to Loans, Guarantees and Investments are
provided as part of the financial statements.
II. BUSINESS AND OPERATIONS
Celebrating over 75 years of innovation, Wipro is a purpose-driven, global technology
services and consulting firm with over 250,000 employees across six continents helping our
Company's customers, communities and planet thrive in the digital world.
Wipro is recognized globally for its strong commitment to sustainability. Your Company
nurtures inclusivity as an intrinsic part of its culture. Your Company's deep resolve to
improve the communities we live and work in, is appreciated by its customers, investors,
analysts, and employees.
Your Company aspires to be a ‘value orchestrator' to its clients - an end-to-end
digital transformation partner that delivers personalized outcomes through holistic
solutions. To achieve this, your Company proactively conceptualizes, orchestrates and
seamlessly deploys value by bringing together domain knowledge, technologies, partners and
hyperscalers to solve complex problems for its clients.
Wipro's holistic portfolio of capabilities and ability to navigate vertically and
horizontally across ecosystems helps its clients achieve competitive advantage. Our focus
is to maximize business outcomes by converging themes across industry domains, products,
services, and partners as your Company develops and delivers tailored business solutions
for its clients. This combined with operational excellence, automation, higher
productivity and integration of consulting and technology practices, strengthens your
Company's ability to deliver industry solutions effectively and at scale. Your Company is
focused towards building longterm relationships with customers and tightly aligned visions
and outcomes structured through a highly governed and co-managed engagement process.
Wipro's IT Services segment 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, research and development and, hardware and software design to leading
enterprises worldwide.
Wipro's IT Products segment provides a range of third-party IT products, which allows
it to offer comprehensive IT system integration services. These products include
computing, platforms and storage, networking solutions, enterprise information security
and software products, including databases and operating systems. Your Company provides IT
products majorly as a complement to its IT services offerings rather than sell standalone
IT products, and its focus continues to be on consulting and digital engagements, with a
more selective approach in bidding for system integration engagements.
Wipro's ISRE segment consists of IT Services offerings to organizations owned or
controlled by the GoI and/or any Indian State Governments. Your Company's ISRE strategy
focuses on consulting and digital engagements with ISRE Customers.
Further information on your Company's IT services and products offerings, industry and
business overview are presented as part of the Management Discussion and Analysis Report ("MD
& A Report") from page no. 28 onwards.
Material Changes and Commitments affecting the Business Operations and Financial
Position of the Company
Global economic activity experienced a sharper-than- expected slowdown in the financial
year 2022-23. With central banks raising interest rates and food and energy prices coming
down, global inflation is gradually subsiding. This has resulted in marginal improvement
in business and household buying power.
Verticals across the globe are showcasing signs of caution in their technology spending
basis short-term and long-term priorities. The factors such as high inflation and
potential recession across the globe have forced companies to drive cost optimization in
their operations, invest in operational excellence and drive vendor consolidation.
Companies are relying on technologies like cloud, AI and automation to achieve
optimization and increase efficiency. Thus, the volatile
global scenario is supporting the demand for technology adoption and digital
acceleration. As the banking sector faces margin pressures, overall BFSI technology spends
will observe greater caution and delay.
Additional information regarding your Company's business operations and financial
position are provided as part of the MD & A Report from page no. 28 onwards.
Outlook
The near-term outlook remains highly uncertain with downside risks of impact from
tighter monetary policy, inflation and recession fears, pressures in global energy markets
reappearing, unpredictable course of the geopolitical conflict in Europe, and the recent
increase in financial market volatility. The rapid tightening of fiscal policies has
exposed vulnerabilities both among banking and non-banking financial institutions,
showcasing fluctuations in the financial conditions with the shift in sentiment. This may
result in slowdown in demand in certain markets and lead to delayed decision making.
Technology spending is forecasted to increase with enterprises' CIOs investing in
value-driven transformation focused on areas like cloud transformation, automation,
integration of AI, data analytics and cybersecurity as their top priorities. The demand
for digital transformation and infrastructure modernization will continue to drive growth
for the industry with accelerated adoption of digital and emerging technologies, such as
next generation AI, augmented reality ("AR"), vi rtual reality ("VR"),
extended reality ("XR"), web3 and metaverse, 5G and edge, cyber and bio
convergence. While the emerging technologies will disrupt industries, they will also pose
new risks in the areas of data privacy, surveillance and ownership.
According to the Strategic Review 2023 published by NASSCOM (the "NASSCOM
Report"), revenue for the Indian IT services' sector is expected to witness
growth of 8.3% year-on-year in fiscal year 2023, led by IT modernization including
application modernization, cloud migration and platformization. Digital revenues are
estimated to account for 32%-34% of total industry revenue, growing at 16% annually in
fiscal year 2023. IT services contracts will include a significant digital component, led
by digital transformation, cloudification, platform engineering, AI, building
software-as-a-service
("SaaS") enabled products and associated consulting services.
According to the NASSCOM Report, next generation technologies, such as sensor technology,
smart robots, autonomous driving, computer vision, deep learning, autonomous analytics,
AR/VR, sustainability technology, edge computing, distributed ledger, spacetech and 5G/6G,
are expected to witness twice the average growth in fiscal year 2023.
Acquisitions, Divestments, Investments and Mergers
Your Company's strategy supports value creation for clients and growth for the
organization through five strategic priorities: accelerate growth, strengthen clients and
partnerships, lead with business solutions, building talent at scale, and a simplified
operating model.
The Company focuses its efforts and investments on maximum results, going deeper in
areas that it believes it has the strength and defocusing on others, and scaling up to
secure leadership positions.
Your Company's new strategy will bring it closer to clients, drive greater agility and
responsiveness and help us become the employer of choice. Further, your Company had
invested in acquiring new technology and skills.
Details of the transactions completed by your Company are listed below:
a) In November 2022, Wipro IT Services UK Societas acquired remaining 51% equity stake
in Wipro Doha LLC. Consequent to the acquisition of the additional equity stake, the
holding in Wipro Doha LLC increased from 49% to 100%.
b) I n December 2022, your Company completed the acquisition of additional 3.3% equity
stake in Encore Theme Technologies Private Limited ("Encore Theme"). With
the completion of the acquisition of aforesaid equity stake, Encore Theme has become a
wholly owned subsidiary of your Company w.e.f. December 27, 2022.
Rs.) In December 2022, Wipro LLC sold its Preferred Shares to Harte Hanks, Inc. by way
of repurchase of shares.
Rs.) I n December 2022, the membership interest held by Wipro Gallagher Solutions LLC
in Wipro Opus Risk Solutions, LLC was sold.
e) Wipro Ventures, the strategic investment arm of Wipro, invests in enterprise
software and cybersecurity startups. These investments span across the Enterprise IT
stack, and include areas like, Analytics, Business Automation, Cloud Infrastructure,
Cybersecurity, Data Management, DevOps, IoT, Test Automation, among others. During the
financial year 2022-23, Wipro Ventures has invested in five companies i.e Securonix,
Qwiet.ai, Kibsi, Kognitos, and Spartan Radar.
f) During the financial year 2022-23, your Company has carried out the merger of
Cardinal Foreign Holdings S.a r.l. and Cardinal Foreign Holdings 2 S.a r.l. with and into
Grove Holdings 2 S.a r.l, merger of Wipro Italia S.R.L into Mechworks S.R.L, and
amalgamation of Rizing Canada Holdings Corp. with Rizing Solutions Canada Inc.
g) During the financial year 2022-23, 14 subsidiaries of your Company i.e., Wipro
Poland Sp. z o.o., Wipro US foundation, Neos Holdings LLC, Neos Software LLC, Capco (US)
GP LLC, Capco (US) LLC, Neos LLC, Rizing Intermediate Inc, Rizing Intermediate LLC, Rizing
Inc, Attune Hong Kong Limited, Vesta Macau Limited, Capco (Canada) LP and Capco (Canada)
GP ULC were de-registered.
Management Discussion and Analysis Report
In terms of Regulation 34 of the Listing Regulations and SEBI circular no.
SEBI/HO/CFD/CMD/CIR/P/2017/10 dated February 6, 2017, your Company has adopted salient
features of Integrated Reporting prescribed by the International Integrated Reporting
Council (‘IIRC’) as part of its MD & A Report. The MD & A report,
capturing your Company's performance, industry trends and other material changes with
respect to your Company's and its subsidiaries, wherever applicable, are presented from
page no. 28 onwards of this Annual Report.
The MD & A Report provides a consolidated perspective of economic, social and
environmental aspects material to your Company's strategy and its ability to create and
sustain value to its key stakeholders and includes aspects of reporting as required by
Regulation 34 of the Listing Regulations on Business Responsibility Report.
Business Responsibility & Sustainability Report
Pursuant to Regulation 34(2)(f) of the Listing Regulations and SEBI circular no.
SEBI/LAD-NRO/ GN/2021/2 dated May 5, 2021, your Company
provides the prescribed disclosures in new reporting requirements on Environmental,
Social and Governance ("ESG") parameters called the Business
Responsibility and Sustainability Report ("BRSR") which includes
performance against the nine principles of the National Guidelines on Responsible Business
Conduct and the report under each principle which is divided into essential and leadership
indicators. The BRSR is provided from page nos. 419 to 449 of this Annual Report.
III. GOVERNANCE AND ETHICS Corporate Governance
Your Company believes in adopting best practices of corporate governance. Corporate
governance principles are enshrined in the Spirit of Wipro, which form the core values of
Wipro. These guiding principles are also articulated through the Company's code of
business conduct, Corporate Governance Guidelines, charter of various sub-committees and
disclosure policy.
As per Regulation 34 of the Listing Regulations, a separate section on corporate
governance practices followed by your Company, together with a certificate from V.
Sreedharan & Associates, Company Secretaries, on compliance with corporate governance
norms under the Listing Regulations, is provided at page no. 123 onwards.
Board of Directors
Board’s Composition and Independence
Your Company's Board consists of global leaders and visionaries who provide strategic
direction and guidance to the organization. As on March 31, 2023, the Board comprised of
two Executive Directors, six non-executive Independent Directors and one non-executive
nonIndependent Director.
Definition of ‘Independence' of Directors is derived from Regulation 16 of the
Listing Regulations, New York Stock Exchange ("NYSE") Listed Company
Manual and Section 149(6) of the Companies Act, 2013. The Company
has received necessary declarations under Section 149(7) of the Companies Act, 2013 and
Regulation 25(8) of the Listing Regulations, from the Independent Directors stating that
they meet the prescribed criteria for independence. The Board, after undertaking
assessment and on examination of the relationships disclosed, considered the following
Non-Executive Directors as Independent Directors:
Ms. Ireena Vittal
Mr. Deepak M. Satwalekar
Dr. Patrick J. Ennis
Mr. Patrick Dupuis
Ms. Tulsi Naidu
Ms. Paivi Rekonen
All Independent Directors have affirmed compliance to the code of conduct for
independent directors as prescribed in Schedule IV to the Companies Act, 2013.
Meetings of the Board
The Board met six times during the financial year 202223 on April 12, 2022, April
28-29, 2022, June 8, 2022, July 19-20, 2022, October 11-12, 2022 and January 1213, 2023.
The necessary quorum was present for all the meetings. The maximum interval between any
two meetings did not exceed 120 days.
Directors and Key Managerial Personnel
Pursuant to recommendation of the Nomination and Remuneration Committee, the Board had,
on July 20, 2022, approved the appointment of Ms. Paivi Elina Rekonen Fleischer (DIN:
09669696) as an Additional Director in the capacity of Independent Director for a term of
5 years with effect from October 1, 2022 to September 30, 2027, subject to approval of the
shareholders of the Company. The said appointment was approved by shareholders of the
Company vide special resolution dated November 22, 2022, passed through postal ballot by
e-voting.
Mr. William A. Owens retired as an Independent Director from the Board of the Company
with effect from July 31, 2022. The Board places on record the immense contributions made
by Mr. William A. Owens to the growth of you r Company over the years.
In the opinion of the Board, all our Directors, as well as the Director appointed
during the financial year, possess
requisite qualifications, experience, expertise and hold high standards of integrity.
List of key skills, expertise, and core competencies of the Board, including the
Independent Directors, is provided at page no. 126 of this Annual Report.
Pursuant to the provisions of Section 152 of the Companies Act, 2013 and the Articles
of Association of the Company, Mr. Thierry Delaporte (DIN: 08107242) will retire by
rotation at the 77th AGM and being eligible, has offered himself for
re-appointment.
Committees of the Board
Your Company's Board has the following committees:
1. Audit, Risk and Compliance Committee, which also acts as Risk Management Committee.
2. Nomination and Remuneration Committee (formerly known as Board Governance,
Nomination and Compensation Committee), which also acts as Corporate Social Responsibility
Committee
3. Administrative and Shareholders/Investors Grievance Committee (Stakeholders
Relationship Committee).
Details of terms of reference of the Committees, Committee membership changes, and
attendance of Directors at meetings of the Committees are provided in the Corporate
Governance report from page nos. 131 to 134 of this Annual Report.
Board Evaluation
In line with the Corporate Governance Guidelines of the Company, Annual Performance
Evaluation was conducted for all Board Members as well as the working of the Board and its
Committees. This evaluation was led by the Chairman of the Nomination and Remuneration
Committee with specific focus on performance and effective functioning of the Board. The
Board evaluation framework has been designed in compliance with the requirements under the
Companies Act, 2013 and the Listing Regulations, and in accordance with the Guidance Note
on Board Evaluation issued by SEBI in January 2017. The Board evaluation was conducted
through questionnaire designed with qualitative parameters and feedback based on ratings.
Evaluation of the Board was based on criteria such as composition and role of the
Board, Board communication
and relationships, functioning of Board Committees, review of performance of Executive
Directors, succession planning, strategic planning, etc.
Evaluation of Committees was based on criteria such as adequate independence of each
Committee, frequency of meetings and time allocated for discussions at meetings,
functioning of Board Committees and effectiveness of its advice/recommendation to the
Board, etc.
Evaluation of Directors was based on criteria such as participation and contribution in
Board and Committee meetings, representation of shareholder interest and enhancing
shareholder value, experience, and expertise to provide feedback and guidance to top
management on business strategy, governance, risk and understanding of the organization's
strategy, etc.
The outcome of the Board Evaluation for the financial year 2022-23 was discussed by the
Nomination and Remuneration Committee and the Board at their respective meetings held in
April 2023. The Board has received highest ratings on Board communication and
relationships, legal and financial duties of the Board and composition and role of the
Board. The Board noted the actions taken in improving Board effectiveness based on
feedback given in the previous year. In light of the external environment, the Board
recommended additional focus on the area of risk management.
Policy on Director’s Appointment and Remuneration
The Board, on the recommendation of the Nomination and Remuneration Committee, has
framed the policy for selection and appointment of Directors including determining
qualifications and independence of a Director, Key Managerial Personnel ("KMP"),
Senior Management Personnel and their remuneration as part of its charter and other
matters provided under Section 178(3) of the Companies Act, 2013.
Pursuant to Section 134(3) of the Companies Act, 2013, the nomination and remuneration
policy of the Company which lays down the criteria for determining qualifications,
competencies, positive attributes and independence for appointment of Directors and
policies of the Company relating to remuneration of Directors, KMP and other employees is
available on the Company's website at https://www.wipro.com/content/
dam/nexus/en/investor/corporate-governance/
policies-and-guidelines/ethical-guidelines/wipro- limited-remuneration-policy.pdf. We
affirm that the remuneration paid to Directors, Senior Management and other employees is
in accordance with the remuneration policy of the Company.
Policy on Board Diversity
The Board, on the recommendation of the Nomination and Remuneration Committee, has
framed a policy for Board Diversity which lays down the criteria for appointment of
Directors on the Board of your Company and guides organization's approach to Board
Diversity.
Your Company believes that Board diversity basis the gender, race, age will help build
diversity of thought and will set the tone at the top. A mix of individuals representing
different geographies, culture, industry experience, qualification and skill set will
bring in different perspectives and help the organization grow. The Board of Directors is
responsible for review of the policy from time to time. Policy on Board Diversity has been
placed on the Company's website at https://
www.wipro.com/content/dam/nexus/en/investor/
corporate-governance/policies-and-guidelines/ethical-
guidelines/policy-on-appointment-of-directors-and- board-diversity.pdf.
Risk Management
Your Company has implemented an Enterprise Risk Management ("ERM")
framework based on globally recognized standards and industry best practices. The ERM
framework is administered by the Audit, Risk and Compliance Committee. The ERM framework
enables business by promoting a risk resilient culture, proactive management of
‘Emerging' risks and is supported by technology. The framework governs all categories
of risks, the effectiveness of the controls that have been implemented to prevent such
risks and continuous improvement of the systems and processes to proactively identify and
mitigate such risks. For more details on the Company's risk management framework, please
refer to page nos. 36 to 39 of this Annual Report.
Cyber Security
Being an IT & ITES service provider, your Company's high business dependency on its
information technology and secured digital infrastructure, to interconnect offices,
employee systems, partners and clients for the day-today business operations, as well
as our hosting of data and service delivery, are susceptible to potential cyber event
impacting confidentiality, integrity and availability of the technology environment. The
cyber event(s) may lead to financial loss, disclosure of data, breach of privacy or
security impacting reputation, trust, revenue, through legal, regulatory and contractual
obligations. Such event(s) may directly impact your Company and its relationships with its
clients and partners.
Owing to the rise of connected devices, transition to cloud and use of other emerging
technologies, and other factors, the impact of threats continue to increase while the
threat attack area is evolving and increasing beyond the enterprise. There may be
vulnerabilities in opensource software incorporated into your Company's offerings that may
make the offerings susceptible to cyberattacks.
I n view of increased cyberattack scenarios, the cyber security maturity is reviewed
periodically and the processes, technology controls are being enhanced in-line with the
threat scenarios. Your Company's technology environment is enabled with real time security
monitoring with requisite controls at various layers starting from end user machines to
network, application and the data.
Compliance Management Framework
The Board has approved a Global Statutory Compliance Policy providing guidance on broad
categories of applicable laws and process for monitoring compliance. In furtherance to
this, your Company has instituted an online compliance management system within the
organization to monitor compliances and provide update to the senior management and Board
on a periodic basis. The Audit, Risk and Compliance Committee and the Board periodically
monitor status of compliances with applicable laws.
Code for Prevention of Insider Trading
Your Company has adopted a Code of Conduct to regulate, monitor and report trading by
designated persons and their immediate relatives as per the requirements under the
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
The Code, inter alia, lays down the procedures to be followed by designated persons while
trading/ dealing in Company's shares and sharing Unpublished
Price Sensitive Information ("UPSI"). The Code covers Company's
obligation to maintain a digital database, mechanism for prevention of insider trading and
handling of UPSI, and the process to familiarize with the sensitivity of UPSI. Further, it
also includes code for practices and procedures for fair disclosure of unpublished price
sensitive information which has been made available on the Company's website at https://
www.wipro.com/content/dam/nexus/en/investor/
corporate-governance/policies-and-guidelines/ethical-
guidelines/12765-code-of-practices-and-procedures- for-fair-disclosure-of-upsi.pdf.
Vigil Mechanism
Your Company has adopted an Ombuds process as a channel for receiving and redressing
complaints from employees and directors, as per the provisions of Section 177(9) and (10)
of the Companies Act, 2013, Regulation 22 of the Listing Regulations and Regulation 9A of
Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015.
Under this policy, your Company encourages its employees to report any incidence of
fraudulent financial or other information to the stakeholders, reporting of instance(s) of
leak or suspected leak of unpublished price sensitive information, and any conduct that
results in violation of the Company's code of business conduct, to the management (on an
anonymous basis, if employees so desire). Further, your Company has prohibited
discrimination, retaliation, or harassment of any kind against any employee who reports
under the Vigil Mechanism or participates in the investigation.
Awareness of policies is created by, inter alia, sending group mailers highlighting
actions taken by the Company against the errant employees. Mechanism followed under the
Ombuds process has been displayed on the Company's intranet and website at
https://www.wipro. com/investors/corporate-governance/policies-and-gui
delines/#WiprosOmbudsProcess.
All complaints received through Ombuds process and investigative findings are reviewed
and approved by the Chief Ombuds person. All employees and stakeholders can also register
their concerns either by sending an email to ombuds.person@wipro.com or through web- based
portal at https://www.wipro.com/investors/
corporate-governance/policies-and-guidelines/#Wip
rosOmbudsProcess. Following an investigation of the concerns received, a decision
is made by the appropriate authority on the action to be taken basis the findings of such
investigation. In case the complainant is nonresponsive for more than 15 days, the concern
may be closed without further action.
The below table provides details of complaints received/disposed during the financial
year 2022-23:
| No. of complaints pending at the beginning of financial year |
82 |
| No. of complaints filed during the financial year |
1199 |
| No. of complaints disposed during the financial year |
1197 |
| No. of complaints pending at the end of the financial year |
84 |
All cases were investigated, and actions taken as deemed appropriate. Based on
self-disclosure data, 14% of these cases were reported anonymously. The top categories of
complaints were non-adherence to internal policy/process at 46%, followed by workplace
concerns and behavioural issues at 23%. The majority of cases (60%) were resolved through
engagement of human resources or mediation or closed since they were unsubstantiated.
The Audit, Risk and Compliance Committee periodically reviews the functioning of this
mechanism. No personnel of the Company were denied access to the Audit, Risk and
Compliance Committee.
Information Required under Sexual Harassment of Women at Workplace (Prevention,
Prohibition & Redressal) Act, 2013
The Company is committed to providing a safe and conducive work environment to all its
employees and associates. Your Company has constituted an Internal Complaints Committee
under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 and has a policy and framework for employees to report sexual harassment cases
at workplace. The Company's process ensures complete anonymity and confidentiality of
information. Adequate workshops and awareness programmes against sexual harassment are
conducted across the organization. The below table provides details of complaints
received/ disposed during the financial year 2022-23.
| Number of complaints at the beginning of financial year |
12* |
| No. of complaints filed during the financial year |
141 |
| No. of complaints disposed during the financial year |
134 |
| No. of complaints pending at the end of financial year |
19 |
*Of the 13 complaints pending at the end of the previous year, 1 complaint was found to
be invalid due to lack of response from the complainant.
As per the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013, your Company follows calendar year for annual filling with statutory
authority and as per the filing, a total of 51 complaints related to sexual harassment
were raised in the calendar year 2022.
Related Party Transactions
Your Company has historically adopted the practice of undertaking related party
transactions only in the ordinary and normal course of business and at arm's length as
part of its philosophy of adhering to highest ethical standards, transparency, and
accountability. In line with the provisions of the Companies Act, 2013 and the Listing
Regulations, the Board has approved a policy on related party transactions. The policy on
related party transactions has been placed on the Company's website at
https://www.wipro.com/content/dam/ nexus/en/investor/corporate-governance/policies-and-
guidelines/ethical-guidelines/policy-for-related-party- transactions.pdf.
Prior omnibus approval of the Audit, Risk and Compliance Committee and the Board is
obtained for the transactions which are foreseeable and of a repetitive nature. All
related party transactions are placed on a quarterly basis before the Audit, Risk and
Compliance Committee and before the Board for review and approval.
All contracts, arrangements and transactions entered by the Company with related
parties during financial year 2022-23 were in the ordinary course of business and on an
arm's length basis. There were no contracts, arrangements or transactions entered during
financial year 2022-23 that fall under the scope of Section 188(1) of the Companies Act,
2013. Accordingly, the prescribed Form AOC-2 is not applicable to the Company for the
financial year 2022-23 and hence does not form part of this report.
Details of transaction(s) of your Company with entity(ies) belonging to the
promoter/promoter group which hold(s) more than 10% shareholding in the Company as
required under para A of Schedule V of the Listing Regulations are provided as part of the
financial statements.
Pursuant to Regulation 23(9) of the Listing Regulations, your Company has filed the
reports on related party transactions with the Stock Exchanges.
Directors’ Responsibility Statement
Your Directors hereby confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards have
been followed along with proper explanation relating to material departures.
b) the Directors have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the financial year and of
the profit and loss of the Company for that period.
Rs.) the Directors have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act, 2013
for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities.
Rs.) the Directors have prepared the annual accounts on a going concern basis.
e) the Directors have laid down internal financial controls to be followed by the
Company and that such internal financial controls are adequate and operating effectively.
f) adequate systems and processes, commensurate with the size of the Company and the
nature of its business, have been put in place by the Company, to ensure compliance with
the provisions of all applicable laws as per the Company's Global Statutory Compliance
Policy and that such systems and processes are operating effectively.
Wipro Employee Stock Option Plans/ Restricted Stock Unit Plans
Your Company has instituted various employee stock options plans/restricted stock unit
plans from time to time to motivate, incentivize, and reward employees.
The Nomination and Remuneration Committee administers these plans. The stock option
plans are in compliance with the Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations, 2021, as amended ("Employee
Benefits Regulations") and there have been no material changes to these plans
during the financial year. Disclosures on various plans, details of options granted,
shares allotted upon exercise, etc. as required under the Employee Benefits Regulations
are available on the Company's website at https://www.wipro.
com/investors/annual-reports/. No employee was issued stock options during the year
equal to or exceeding 1% of the issued capital of the Company at the time of grant.
Your Company has received a certificate from the secretarial auditor confirming
implementation of the plans in accordance with the Employee Benefits Regulations.
Particulars of Employees
Information required pursuant to Section 197(12) of the Companies Act, 2013 read with
Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 is provided as Annexure I to this report.
A statement containing, inter alia, the names of top ten employees in terms of
remuneration drawn and every employee employed throughout the financial year and in
receipt of remuneration of RS. 102 lakhs or more and, employees employed for part of the
year and in receipt of remuneration of RS. 8.50 lakhs or more per month, pursuant to Rule
5(2) the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is
provided as Annexure II to this report.
IV. INTERNAL FINANCIAL CONTROLS AND AUDIT Internal Financial Controls and their
adequacy
The Board of your Company has laid down internal financial controls to be followed by
the Company and such internal financial controls are adequate and operating effectively.
Your Company has adopted policies and procedures for ensuring the orderly and efficient
conduct of its business, including adherence to the Company's policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
disclosures.
Statutory Audit
At the 76th AGM held on July 19, 2022, Deloitte Haskins & Sells LLP,
Chartered Accountants (Registration No. 117366W/W-100018) was re-appointed as statutory
auditors of the Company for a second term of five consecutive years from the financial
year 2022-23 onwards.
Deloitte Haskins & Sells LLP, Statutory Auditors, have issued an unmodified opinion
on the financial statements of the Company. There are no qualifications, reservations or
adverse remarks made by the Auditors, in their report for the financial year ended March
31,2023.
Pursuant to provisions of the Section 143(12) of the Companies Act, 2013, neither the
Statutory Auditors nor the Secretarial Auditor has reported any incident of fraud to the
Audit, Risk and Compliance Committee during the year under review.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has
appointed Mr. V. Sreedharan, Partner, V. Sreedharan & Associates, a firm of Company
Secretaries in Practice, to conduct Secretarial Audit of the Company. The Report of the
Secretarial Audit in Form MR-3 for the financial year ended March 31,2023, is enclosed as
Annexure III to this Report. There are no qualifications, reservations or adverse remarks
made by the Secretarial Auditor in his report.
V. KEY AWARDS AND RECOGNITIONS
Your Company is one of the most admired and recognized companies in the IT industry.
Your Company has won several awards and accolades, details of which are provided at page
nos. 26 to 27 of this Annual Report.
VI. SOCIAL RESPONSIBILITY AND
SUSTAINABILITY
Corporate Social Responsibility
At Wipro, we think that it is critical to engage with the social and ecological
challenges that humanity is facing in a deep, meaningful, and systemic manner. We believe
in contributing towards creating a more just, equitable, humane, and sustainable society.
Your Company chooses to work on domain and issues that are widely recognized as being
vital enablers of societal progress
and community-resilience with positive impacts over the long term on livelihoods,
health and well-being, gender equity, economic productivity, and democratic participation.
Our CSR policy reflects principles and strategies that have informed our long history of
corporate citizenship and social responsibility.
We are committed to an approach that is focused on bringing change from the inside out
at four different levels:
1. Fulfilling primary fiduciary duties and regulatory obligations as reflected in high
levels of corporate governance and transparency;
2. Proactive approach to initiatives inside the organizational ecosystem that
demonstrate our commitment to a more humane and sustainable world;
3. Engaging with, and contributing to, relevant issues in neighborhood communities, in
all regions and countries;
4. Using the power of collaboration and advocacy to influence larger societal progress.
Our CSR programs' implementation happens through multiple channels - Wipro Foundation,
Wipro Cares, and through functions and groups within the Company. Your company works with
a network of over 230 committed partner organizations who collectively implemented
approximately 300 projects across India, the US, UK, Philippines, Romania, France, among
others, with collective positive impacts on over 2 Million people.
As per the provisions of the Companies Act, 2013, a company meeting the specified
criteria shall spend at least 2% of its average net profits for three immediately
preceding financial years towards CSR activities. Accordingly, your Company spent RS.
2,157 Million towards CSR activities during the financial year 2022-23.
The Board of Directors noted that your Company's CSR spend for the year ended March 31,
2023, was RS. 2,157 Million as against its obligation of RS. 1,986 Million. Pursuant to
the recommendation by Nomination and Remuneration Committee and approval by the Board of
Directors, an aggregate amount of RS. 508 Million was set off for financial year 2022-23.
An excess of RS. 679 Million which was spent in financial year 2022-23 is available for
set-off in a time frame of three immediately succeeding years, in equal proportion.
The contents of the CSR policy and the CSR Report as per the format notified in the
Companies (Corporate
Social Responsibility Policy) Rules, 2014, as amended from time to time, is attached as
Annexure IV to this report. CSR policy is also available on the Company's website at
https://www.wipro.com/content/dam/nexus/ en/investor/corporate-governance/policies-and-
guidelines/ethical-guidelines/12773-policy-on- corporate-social-responsibility.pdf.
The terms of reference of CSR committee, framed in accordance with Section 135 of the
Companies Act, 2013, forms part of Nomination and Remuneration Committee. The Committee
consists of three Independent Directors, Ms. lreena Vittal, Mr. Patrick Dupuis and Mr.
Deepak M. Satwalekar as its members. Ms. lreena Vittal is the Chairperson of the
Committee.
Effective April 1, 2023, Ms. Tulsi Naidu, Independent Director, was appointed as member
of the Committee. We affirm that the implementation and monitoring of CSR activities is in
compliance with the Company's CSR objectives and policy.
Particulars Regarding Conservation of Energy and Research and Development and
Technology Absorption
Details of steps taken by your Company to conserve energy through its
"Sustainability" initiatives, Research and Development and Technology Absorption
have been disclosed as part of the MD & A Report.
VII. DISCLOSURES
Foreign Exchange Earnings and Outgoings
During the financial year 2022-23, your Company's foreign exchange earnings were RS.
637,061 Million and foreign exchange outgoings were RS. 313,746 Million as against RS.
548,490 Million of foreign exchange earnings and RS. 259,602 Million of foreign exchange
outgoings for the financial year 2021-22.
Annual Return
Pursuant to Section 92(3) and Section 134(3)(a) of the Companies Act, 2013, the Company
has placed a copy of the Annual Return as of March 31, 2023, on its website at https://www.wipro.com/investors/annual-reports/.
Other Disclosures
a) Your Company has not accepted any deposits from the public and as such, no amount on
account of principal or interest on public deposits was outstanding as on the date of the
balance sheet.
b) Your Company has not issued shares with differential voting rights and sweat equity
shares during the year under review.
Rs.) Your Company has complied with the applicable Secretarial Standards relating to
‘Meetings of the Board of Directors' and ‘General Meetings' during the year.
Rs.) Maintenance of cost records and requirement of cost Audit as prescribed under the
provisions of Section 148(1) of the Companies Act, 2013 are not applicable to the business
activities carried out by the Company.
e) There are no significant material orders passed by the Regulators/Courts which would
impact the going concern status of the Company and its future operations.
f) Details of unclaimed dividends and equity shares transferred to the Investor
Education and Protection Fund authority have been provided as part of the Corporate
Governance report.
g) There are no proceedings initiated/pending against your Company under the Insolvency
and Bankruptcy Code, 2016 which materially impact the business of the Company.
Rs.) There were no instances where your Company required the valuation for one time
settlement or while taking the loan from the Banks or Financial institutions.
Acknowledgements and Appreciation
Your Directors take this opportunity to thank the customers, shareholders, suppliers,
bankers, business partners/associates, financial institutions and Central and State
Governments for their consistent support and encouragement to the Company. I am sure you
will join our Directors in conveying our sincere appreciation to all employees of the
Company and its subsidiaries and associates for their hard work and commitment. Their
dedication and competence have ensured that the Company continues to be a significant and
leading player in the IT Services industry.
For and on behalf of the Board of Directors,
| Bengaluru |
Rishad A. Premji |
| May 24, 2023 |
Chairman |
|
(DIN: 02983899) |
  Â
Wipro Ltd
Company Background
| Incorporation Year | 1945 |
| Registered Office | Doddakannelli,Sarjapur Road
Bangalore,Karnataka-560035 |
| Telephone | 91-80-28440011,Managing Director |
| Fax | 91-80-28440256 |
Rishad Azim PremjiThierry Delaporte| Company Secretary | M Sanaulla Khan |
| Auditor | Deloitte Haskins & Sells LLP |
| Face Value | 2 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,New York,NSE, |
| Registrar | KFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032 |
Wipro Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Azim H Premji | Founder Chairman | 2023 |
| Rishad Azim Premji | Executive Chairman | 2023 |
| M Sanaulla Khan | Company Sec. & Compli. Officer | 2023 |
| Patrick Dupuis | Independent Director | 2023 |
| Patrick J Ennis | Independent Director | 2023 |
| Thierry Delaporte | Managing Director & CEO | 2023 |
| Deepak Satwalekar | Independent Director | 2023 |
| Tulsi Naidu | Independent Director | 2023 |
| Paivi Rekon | Independent Director | 2023 |
Wipro Ltd
Listing Information
| Listing Information |
|---|
| BSE_SENSEX |
| NIFTY |
| BSE_500 |
| BSE_IT |
| BSE_100 |
| BSE_200 |
| BSEDOLLEX |
| BSE_TECK |
| CNX500 |
| CNX_IT |
| CNX100 |
| CNXSERVICE |
| CNX200 |
| BSECARBONE |
| NIFTY50V20 |
| NI15 |
| NFT100EQWT |
| BSEALLCAP |
| BSELARGECA |
| NFTQULTY30 |
| SENSEX50 |
| ESG100 |
| LMI250 |
| BSEDSI |
| NFT50EQWT |
| NFT100LV30 |
| BSE100LTMC |
| NFTYLM250 |
| NFTY100ESG |
| NF500M5025 |
| NFTDIGITAL |
| NFTYTOTMKT |
Wipro Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| Sale of Services | NA | 0 | 0 | 0 | 67408.4 |
| Sale of Products | NA | 0 | 0 | 0 | 345 |
| Spares/Components for Tippers | NA | 0 | 0 | 0 | 0 |
| Spares/Components for Tippers | NA | 0 | 0 | 0 | 0 |
| Miscellaneous Sales | NA | 0 | 0 | 0 | 0 |
| Post Sales Support & IT Serv. | Rs. | 0 | 0 | 0 | 0 |
| Processing & Service Charges | Rs. | 0 | 0 | 0 | 0 |
| CFL | No | 0 | 0 | 0 | 0 |
| Income From services | Rs. | 0 | 0 | 0 | 0 |
| IT Enabled Services | Rs. | 0 | 0 | 0 | 0 |
| Other Operating income | NA | 0 | 0 | 0 | 0 |
| Sales & Services | Rs. | 0 | 0 | 0 | 0 |
| Water Treatment Skids | No | 0 | 0 | 0 | 0 |
| Internet Service Provider | NA | 0 | 0 | 0 | 0 |
| Agency Commission | Rs. | 0 | 0 | 0 | 0 |
| Adjustment | NA | 0 | 0 | 0 | 0 |
| Vanaspati/Hydrogenated oils | MT | 0 | 0 | 0 | 0 |
| Glycerine | MT | 0 | 0 | 0 | 0 |
| Toiletries | NA | 0 | 0 | 0 | 0 |
| Toilet Soaps | MT | 0 | 0 | 0 | 0 |
| Reagent Kits/Spare(Analy.Inst) | No | 0 | 0 | 0 | 0 |
| Fatty Acids | MT | 0 | 0 | 0 | 0 |
| Shoe Uppers (Pairs) | No | 0 | 0 | 0 | 0 |
| TL Shells | No | 0 | 0 | 0 | 0 |
| Hydraulic & Pneumatic tubes | NPA | 0 | 0 | 0 | 0 |
| Mini Computer/Micro Processor | No | 0 | 0 | 0 | 0 |
| Mini Computer/Micro Processor | Rs. | 0 | 0 | 0 | 0 |
| Networking Storage equipment | NA | 0 | 0 | 0 | 0 |
| Tipping Gears | NPA | 0 | 0 | 0 | 0 |
| Software | Rs. | 0 | 0 | 0 | 0 |
| Software Services | Rs. | 0 | 0 | 0 | 0 |
| GLS Lamps | No | 0 | 0 | 0 | 0 |
| Lighting Products | NA | 0 | 0 | 0 | 0 |
| Fluorescent Tubelight | No | 0 | 0 | 0 | 0 |