In 1945, MH Hasham Premji set the ball rolling for Western India Palm Refined Oils Limited, better known as Wipro. Since then, the company has tested the waters in a slew of fields, including digital transformation, technology consulting, IT outsourcing, and many more. Wipro, in particular, has a strong focus on digital transformation and has a wide range of offerings in areas such as artificial intelligence, cloud computing, and data analytics.
The year 2022, however, has not been the best year for Wipro. The company made headlines when its profit plummeted, attrition peaked, and it sacked nearly 300 employees for moonlighting. Wipro’s stock, too, couldn’t perform, dropping 45% in the past year, which is one of the largest falls for tech companies in India.
On the bright side, Wipro announced a 40,000 sqft innovation studio in Texas and joined hands with Pandorum to develop regenerative medicine with AI.
Let’s review the year that was, for the world’s seventh-largest technology service provider company – Wipro.
Moonlighting and Wipro
In 2022, Wipro gained most media attention when its executive chairman Rishad Premji kicked off the controversy over moonlighting, terming it “cheating, plain and simple”.
According to reports, Wipro fired 300 workers to tackle the moonlighting ‘menace’. Premji claimed there was no room for someone to work for both Wipro and its rivals. If competitors learned about it, they would feel the same way, he asserted. “Therefore, I stand by what I said, that any employee who moonlights in any way, shape, or form is breaking the law,” Premji said.
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Wipro profit plummets
Wipro’s Q2 results showed a rather poor performance compared to other WITCH companies. With its profits dropping by 9.3% and year-on-year revenue growth of 13%, Wipro’s performance has been rather unsatisfactory. At Q1 results too, we saw its profit drop by 21%. Wipro claimed the profit reduction was merely a reflection of changes in their operating margins.
However, compared to the same period last year, the company's consolidated revenue increased 14.6% to Rs 22,540 crore from Rs 19,667 crore. According to a filing from the company, the operating margin for IT services for the reviewed quarter was 15.1%, up 16 bps over the previous quarter.
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Wipro announces 40,000 sqft Innovation Studio in Texas
When it comes to innovation, the tech giant is taking great strides. Wipro, a global leader in technology solutions, recently announced the opening of its latest Innovation Studio in Austin, Texas. This cutting-edge facility will be a hub for experimentation, collaboration, and client service, drawing on a diverse array of transformative technologies.
From artificial intelligence and 5G, to mixed reality and blockchain, the Innovation Studio will be a melting pot for innovation. It will also leverage the power of multi cloud, edge computing, crowdsourcing, and robotics to bring new solutions to life. And Wipro isn't doing it alone. The company will be partnering with some of the top technology partners in the industry to make this happen.
To read more about it, click here.
Wipro and Pandorum join hands to develop regenerative medicine with AI
Wipro is also making waves in the world of AI and medicine! The company recently announced a long-term partnership with Pandorum Technologies, a leading biotechnology company based in Bengaluru. Together, they aim to develop technologies that reduce the time-to-market period and improve patient outcomes during regenerative medicine's R&D and clinical trial phases.
This exciting partnership will leverage the power of Wipro Holmes' AI platform and Pandorum's expertise in tissue engineering and regenerative medicine. Wipro Holmes will be predicting and improving the effectiveness of therapeutics, offering insights to create specific formulae and helping with study design in the field of medicine.
To read more about it, click here.
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