If you have even a slight interest in technology or even if you don’t, you’ve likely come across terms like cloud computing, computer security, artificial intelligence, data analytics, robotics, digital transformation, and more. But what if I told you that one company offers all these services? Would you believe it?
Well, it’s true. WIPRO is a company capable of delivering this extensive range of services to customers worldwide.
Wipro, (formerly named: Western Indian Palm Refinery Oil) is one of the leading Tech companies. Wipro, an Indian multinational corporation, has evolved into one of the world’s largest IT services firms, with a presence in over 167 countries and employing more than 200,000 people worldwide.
History Of Wipro
Founded on December 29, 1945, in Amalner, India, by Indian citizen Mohamed Premji, the company initially operated as the Palm Refinery Oil Company. It began as a manufacturer of vegetable oils and later shifted into consumer goods, lighting, and hydraulic cylinders.
After the death of Mohmed Premji, his 21-year-old son took over the position of chairman, taking leadership of the company.
However in the 1980s, under the leadership of Azim Premji its focus on expanding opportunities in the IT and computing sectors that went to became a face-changing step for the company.
Business Segments Of Wipro
IT Services
Wipro IT services segments cover a wide range of IT solutions that includes application development, AI, Cloud Computing and so many others as shown below:
IT Products
Wipro also manufacturers and sells different IT products like servers, storage devices, software products, and other engineering solutions
Business Process Outsourcing (BPO)
The company offers tailored service solutions, resulting in highly adaptable and cost-effective offerings of the utmost quality for all clients. Wipro BPO is ideally positioned to meet client needs. They provide personalized service options, translating into the most adaptable and economical services of the best quality for all clients.
Wipro gained recognition within the IT industry during the 1990s, with five of its operational units obtaining ISO 9001 certification between 1994 and 1995. The company went public on the New York Stock Exchange in 2000 and demonstrated significant revenue growth from 1997 to 2002.
In February 2002, Wipro became the first Indian provider of software technology and services to achieve ISO 14001 certification. By 2004, the company’s market capitalization exceeded $1 billion, prompting its expansion into the energy sector. Azim Premji, in acknowledgment of his contributions, was honored with the Padma Bhushan Award in 2005 and the Padma Vibhushan in 2011, the nation’s second-highest civilian honor.
With 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 people, communities, and the planet thrive in the digital world.
Key Business Strategies
Wipro leads in innovation, investing heavily to stay ahead in technology. They run global innovation labs, where teams collaborate on cutting-edge tech like AI, blockchain, and IoT, ensuring they’re at the forefront of advancements.
Wipro is known for its innovation. They invest heavily in research and development. This helps them stay ahead in technology. They operate innovation labs worldwide. Teams collaborate in these labs. They work on cutting-edge technologies. These include AI, blockchain, and IoT that ensures that Wipro stays at the forefront of advancements.
Leading Wipro from 1966 till now has been the greatest privilege of my life. It has been an extraordinary journey — growing from being a small vegetable oil company to the diverse global business that we are today. It is the deep commitment and hard work of Wiproites across generations that has helped shape the organization of today.” – Mohamed Premji, Founder Of Wipro
Wipro prioritizes sustainability and corporate social responsibility (CSR). They have various initiatives in place. These aim to reduce environmental impact, promote diversity and inclusion, and support local communities. Wipro’s sustainability efforts receive recognition from top organizations and industry bodies.
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Wipro has pursued global expansion. They’ve set up delivery centers and offices in key markets worldwide. This diversification reduces risk and helps Wipro serve multinational clients better. It also allows them to explore new growth opportunities.
Financial Performance Of Wipro
As of 2024, Wipro has an estimated net worth of $29.31 billion. Due to the company’s outstanding performance, it’s market capitalization or net worth has increased by 21.02% in one year.
Further analysis of its revenue and finances is given below;
IT Services Segment:
Wipro’s IT Services Segment generated a net revenue of INR 605,815 million in the Fiscal Year 2021.
As for 2022, the company had a turnover of INR 781,824 million. This means that the company’s had a growth of 29.1% in net revenue.
The IT services segment experienced significant growth, attributed to increased demand for digital transformation solutions and IT consulting services.
IT Product Segment
Likewise, Wipro’s IT Product Segment generated a net revenue of INR 7.685 billion the Fiscal Year 2021. As for 2022, the company had a turnover of INR 6.173 billion.
According to the report, the revenue from the IT Products segment decreased by 19.7% in the year ended March 31, 2022 compared to our revenue in the year ended March 31, 2021. The decline was primarily due to our focus on providing IT products as a complement to the IT services offerings rather than selling standalone IT products.
Conclusion
Wipro’s successful implementation of AI-driven customer experience management demonstrates the company’s commitment to driving innovation and delivering value to its clients. By leveraging cutting-edge technologies and strategic partnerships, Wipro continues to empower businesses worldwide to thrive in the digital age.
In conclusion, Wipro Limited stands as a prime example of a company that has continually adapted and innovated to stay at the forefront of the IT industry. Through strategic partnerships, a focus on sustainability, and a commitment to research and development, Wipro has solidified its position as a global leader in technology solutions and services.
References
All the above-provided information is brought from valid and trusted sources. Here are some of the resources I used in my thesis.
