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<ul><li>Indian IT services company <keyword id="10862" type="General" weightage="100" keywordseo="wipro" source="Orion">Wipro</keyword> issued revenue growth guidance of 11.5-12% for the full FY23 in constant currency terms. </li><li>Its IT services revenue grew 0.6% sequentially in Q3 and 10.4% year-on-year in constant currency terms.</li><li>The company reported total deal wins with a total contract value of $4.3 billion in Q3, with large deal wins amounting to over $1 billion.</li></ul>Indian IT services company Wipro said on Friday that it expects its constant currency revenue to grow in the range of 11.5-12% for FY23. It reported a 0.6% sequential growth in IT services revenue in constant currency terms in Q3, below analyst <a href="https://economictimes.indiatimes.com/markets/stocks/news/wipro-q3-preview-heres-5-major-metrics-that-dalal-street-will-watch-out-for/articleshow/96944848.cms">expectations</a> of 1% growth. On a year-on-year basis, its constant currency IT services revenue grew at 10.4%. Wipro reported a 14.3% year-on-year growth in revenue to ₹23,229 crore, marginally below analyst <a href="https://economictimes.indiatimes.com/markets/stocks/news/wipro-q3-preview-heres-5-major-metrics-that-dalal-street-will-watch-out-for/articleshow/96944848.cms">expectations</a>. However, its net profit rose 2.8% YoY to ₹3,053 crore, compared to ₹2,969 crore in the same period last year, beating analyst expectations. “Tech spending remains robust. Our clients are looking for value-driven transformation, tighter governance and improved return on investments. Cloud transformation continues to be a priority even as we seek a higher focus on returns,” said Thierry Delaporte, CEO and managing director, Wipro. Its operating margins in the IT services segment witnessed a sequential increase of 120 basis points to 16.3% in Q3, from 15.1% in Q2. However, compared to the same period last year, its operating margin is down 130 basis points. The margin recovery was led by automation-led efficiencies, said Wipro’s chief financial officer Jatin Dala, adding, “This expansion of margins was after absorbing the investments we made in our people by way of salary increases, promotions and long-term incentives for our senior leadership.” Analysts at Nomura and Kotak Institutional Equities expected margins to grow between 40 and 60 basis points. The company declared an interim dividend of ₹1 per share. Here’s Wipro’s latest earnings at a glance: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY23 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 FY23 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY22 </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹23,229 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22,540 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20,314 crore </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3,053 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,659 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,969 crore </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net margin </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.1% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.8% </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.6% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: Company reports <cmsannotation type="cmsannotation" annotationid="Tech spending remains robust, says Wipro" comment="subhead" text="Tech spending remains robust, says Wipro">Tech spending remains robust, says Wipro</cmsannotation> Wipro reported deal wins with a total contract value of $4.3 billion during Q3, growing at 26% year-on-year, while large deal wins stood at over $1 billion during the quarter. Most of the major traction Wipro witnessed in terms of clients was in the over $1 million, and over $3 million segments – it added 10 clients in the over $1 million segment, and six clients in the over $3 million segment. Notably, it also added four clients in the over $10 million segment. However, its client base remained stagnant in the over $50 million, over $75 million and over $100 million segments. Delaporte struck a positive note, by saying, “Our ability to deliver on client objectives regardless of where they are in their cloud journeys is positioning us favourably in a consolidating market. As we move ahead, we expect to continue to benefit from these trends and help clients build future-proof, resilient enterprises.” <cmsannotation type="cmsannotation" annotationid="Attrition rate sees a sharp contraction" comment="subhead" text="Attrition rate sees a sharp contraction">Attrition rate sees a sharp contraction</cmsannotation> Wipro reported a contraction in its attrition rates for the fourth consecutive quarter. Sequentially, its attrition rate is down 180 basis points to 21.2%. It joins its peers, TCS, Infosys and HCL Tech which reported a moderation in attrition rates, too. However, Wipro reported a reduction of 435 employees from its total headcount, which stood at 2,58,744 in Q3, as against 2,59,179 in Q2. Industry leader TCS also reported a decline in headcount by 2,197 employees. On the other hand, Infosys and HCL Tech added 1,627 and 2,945 employees to their rosters, respectively. <cmsannotation type="cmsannotation" annotationid="Europe leads other regions in revenue growth in Q3" comment="subhead" text="Europe leads other regions in revenue growth in Q3">Europe leads other regions in revenue growth in Q3</cmsannotation> Despite the concerns of a slowdown in Europe, the region led IT services revenue growth in Q3, growing at 6% sequentially, followed by Americas 1, and Americas 2, the company reported. “Our business in Europe continues to be a strong pillar of growth. Almost all the regions in Europe grew in double digits this quarter, led by the Nordics, UK and Ireland, Germany, and southern Europe,” Delaporte said. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Geography </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q3 FY23 revenue </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change (QoQ) </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Americas 1 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,779 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Americas 2 </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,117 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Europe </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹6,632 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Asia Pacific, Middle East and Africa </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2,528 crore </td><td style="border-left:solid #000000 0.99375pt;border-right:solid #000000 0.99375pt;border-bottom:solid #000000 0.99375pt;border-top:solid #000000 0.99375pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1% </td></tr></tbody><tbody></tbody><tbody></tbody></table> Source: Company reports SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/overall-demand-scenario-not-changed-significantly-but-europe-is-a-problem-says-tcs-ceo/articleshow/96859049.cms">Overall demand scenario not changed significantly but Europe is a problem says TCS CEO</a> <a href="https://www.businessinsider.in/business/corporates/news/infosys-results-q3-fy23-infosys-raises-revenue-guidance-for-fy23-to-16-16-5/articleshow/96941824.cms">Infosys raises revenue guidance for FY23 to 16-16.5%, revenue growth beats analyst expectations</a> <a href="https://www.businessinsider.in/business/corporates/news/hcl-tech-lowers-revenue-guidance-for-fy23-to-13-5-14-q3-revenue-and-profit-growth-beat-expectations/articleshow/96944379.cms">HCL Tech lowers revenue guidance for FY23 to 13.5-14%, Q3 revenue and profit growth beat expectations</a>

Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations

<ul><li>Wipro’s new CEO Thierry Delaporte plans to rehaul the company’s entire operating structure to focus on large deal wins and building strategic partnerships. </li><li>New positions will be created to facilitate the plan and Wipro’s 26 segments will now be cut down to a mere six categories. </li><li>Analysts believe that the changes, if successful, could finally allow Wipro to catch up to its peers like <keyword id="6357585" type="COMPANY" weightage="20" keywordseo="tata-consultancy-services">Tata Consultancy Services</keyword> (TCS), <keyword id="6354512" type="COMPANY" weightage="20" keywordseo="Infosys">Infosys</keyword>, and HCL Technologies. </li></ul>After being at the helm of Wipro for one official quarter, its new CEO, Thierry Delaporte, has laid out his vision for the Indian IT services behemoth. And, it’s a big shift from what the company was doing before. “Wipro is undertaking the drastic restructuring of its business, reducing the layers, and splitting the business by region. It expects this to result in a much more agile and nimble organisation, which will accelerate growth,” remarked Motilal Oswal’s report. The end goal is to trim down the fat and red tape by prioritising high-growth sectors and markets. Within that, the impetus will be on large deals and strategic partnerships — without compromising on margins. <div type="image" title="wipro1" msid="79299471" hostid="261" caption="&amp;lt;p&amp;gt;Wipro&amp;#39;s new operating structure&amp;lt;/p&amp;gt;"></div> “Efforts and investments would be focused on these targeted markets to build or sustain market leadership,” said Delaporte during the analyst meet. While doubling down on high growth areas and focusing on certain markets would ease the operating model, the actual execution of the plan will determine its efficacy, according to analysts. What’s in it for the shareholders? For shareholders, this may be the change that finally lets Wipro live up to its full potential. Over the past few years, the company has underperformed in comparison to its peers like Tata Consultancy Services (TCS), <keyword id="141968" type="CITY" weightage="20" keywordseo="HCL-Tech">HCL Tech</keyword> and Infosys. Recent changes in leadership only added to the stress. <div type="image" title="wipro2" msid="79299499" hostid="261" caption="&amp;lt;p&amp;gt;Wipro&amp;#39;s five focus areas&amp;lt;/p&amp;gt;"></div> “After many failed experiments, this was perhaps the last throw of dice by the Wipro board – a CEO who will not shy away from taking hard decisions, to take Wipro to its rightful place – at par with peers,” said Phillips Capital in its outlook report. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in share price since January </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Market valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TCS </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21.02% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹9.93 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infosys </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">50.7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4.71 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HCL Tech </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">42.36% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.21 lakh crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39.3% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1.98 lakh crore </td></tr></tbody></table>Source: BSE Overhauling the operating model from 26 segments to just six The primary change that Delaporte is bringing about is the simplification of the company’s operating model. It will now be divided into four Strategic Market Units (SMUs) and two Global Business Lines (GBLs). <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro’s new operating model: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Strategic Market Units </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What it includes </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Americas 1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Healthcare, Consumer Goods, Retail, Transportation &amp; Services, Communication, Media , Tech Products &amp; Platforms and Latin America </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Americas 3 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">BFSI, Manufacturing, Hi-tech, E&amp;U and Canada </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Europe </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UK and Ireland, Switzerland, Germany, Benelux, Nordics and Southern Europe </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">APMEA </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Australia &amp; NZ, India, Middle East, South East Asia, Japan and Africa </td></tr></tbody></table>Source: Wipro This will bring down Wipro’s 26 existing segments to just six. The management pegged the overhaul as ‘simplicity over perfection’. “Changes are aimed at reducing internal friction, increasing client centricity, sharpening focus on select markets and cultivating performance driven culture to facilitate growth acceleration at stable margins. Management has identified shortcomings and has put together a credible turnaround plan,” explained Kotak Institutional Securities while warming that execution remains key. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Wipro’s new operating model: </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global Business Lines </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">What it includes </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">iDEAS (Integrated Digital, Engineering &amp; Application Services) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Domain and Consulting, Applications &amp; Data, ER&amp;D and Wipro Digital </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">iCORE </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">CIS (Integrated Cloud Infrastructure), DOP (Digital Operations) and CRS (Risk &amp; Enterprise Cyber Security Services) lines. </td></tr></tbody></table>Source: Wipro These structural changes are aimed at boosting Wipro’s value chain and giving it more power over the pricing of its products. According to Delaporte, not only will this bring in more money, but it will also help sustain margins. Wipro creates new company-wide engine to go after large deals In order to work towards the goal of making the operating model more seamless, Delaporte has created an all-new position of a ‘chief growth officer’. One of their first tasks will be to gather the best and the brightest from the organisation to create a sales team. They will also be in charge of maintaining liaisons with global account executives, structuring a large deals team and building on existing alliances and partnerships. Delaporte also indicated that ‘global account executives’ will be assigned for the company’s top 80 to 100 accounts. They’re role will be similar to that of a client partner, but with more accountability and decision-making authority. And, with more power comes more responsibility. The executive’s primary responsibility will be to drive growth in accounts What’s next? Analysts point out that while Delaporte’s plan looks good on paper, it’s success actually hinges on execution. In the coming, it will be important to track deal wins, the value of those deals and where the management’s definition of ‘acceleration in offerings’ lies. “The plan on people changes is progressing faster than expected. Execution remains key,” said Phillips Capital. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/zomato-is-being-pulled-apart-in-a-polarised-india-for-pushing-advertising-money-to-backing-a-partisan-news-outfit/articleshow/79296969.cms">Zomato is being pulled apart in a polarised India⁠ for pushing advertising money to back a partisan news outfit</a> <a href="https://www.businessinsider.in/finance/banks/news/lakshmi-vilas-bank-is-the-fifth-financial-firm-after-ilfs-dhfl-yes-bank-and-pmc-bank-to-collapse-in-india/slidelist/79286096.cms">Lakshmi Vilas Bank is the fifth financial firm to collapse in India within the last 30 months</a> <a href="https://www.businessinsider.in/science/health/news/pfizers-new-covid-19-vaccine-is-95-effective-and-the-only-severe-side-effect-to-worry-about-is-fatigue-according-to-the-final-results/articleshow/79284286.cms">Pfizer's new COVID-19 vaccine is 95% effective and the only severe side-effect to worry about is fatigue, according to the final results</a>

Wipro CEO Delaporte’s new plan could give the Indian IT services giant the edge it needs to catch up to its peers, according to analysts

While on one hand several countries seem to have shut their doors for India with stronger immigration laws, <keyword id="6358817" type="COUNTRY" weightage="100" keywordseo="Ireland">Ireland</keyword> is treading on a different path. The Investment and Development Agency (IDA) there wants to triple the number of startups, IT services organisations, and entrepreneurs from various sectors in India in the coming three years setting up base in different cities of Ireland. IDA, along with its sister firms like <keyword id="4613570" type="PERSON" weightage="100" keywordseo="enterprise-ireland">Enterprise Ireland</keyword>, is considering helping Indian startups and enterprise companies lay their focus on the European market. "We are willing to give Indian companies competitive tax rates, access to funding, 48-hour registration period, easy regulatory surroundings so that we become the go-to destination for companies from India," <keyword id="4612374" type="UNKNOWN" weightage="100" keywordseo="Martin-D-Shanahan">Martin D Shanahan</keyword>, CEO, <keyword id="304364" type="COMPANY" weightage="100" keywordseo="IDA-Ireland">IDA Ireland</keyword>, told <a href="http://economictimes.indiatimes.com/small-biz/startups/ireland-keen-to-woo-indian-businessmen-offers-tax-benefits/articleshow/58990687.cms">ET</a>. IDA Ireland is currently holding talks with organisations in IT services, fintech, pharmaceuticals and medical devices for the same. As of now, top Indian IT services companies that have operations in Ireland include TCS, HCL, Wipro, Mindtree, and Tech Mahindra, who started with a BPO, but now have expanded operations. "Indian originations' should also establish research and development centre which will help propel growth in future technological areas so that job market is always ahead of the curve," says Shanahan. Shanahan is of the view that foreign organisations have an added advantage because of the talent pool that Ireland offers to them. "We rank in top five for population growth, overall workforce productivity, university education, and secondary school enrolment. The government wants to meet 74% of ICT skills set from domestic institutions by 2018." However, IDA has a condition! It says that even though Indian organisations are allowed to bring in experts from India and other countries, within two years they need to have 50% of their workforce from native Ireland or Europe. (Image source Student World Online)

Ireland wants more and more Indian startups to set base, offers tax benefits

<keyword id="6357585" type="CITY" weightage="40" keywordseo="Tata-Consultancy-Services">Tata Consultancy Services</keyword> (TCS), India’s biggest software services exporter, crossed the Rs 5 lakh crore mark in market capitalisation on Wednesday (July 23). It is the first Indian company to achieve the feat. TCS has also become the second most valuable IT services company in the world ahead of <keyword id="6358817" type="COUNTRY" weightage="40" keywordseo="Ireland">Ireland</keyword>'s <keyword id="6370971" type="CITY" weightage="40" keywordseo="Accenture">Accenture</keyword> but behind the US-based <keyword id="10875" type="CITY" weightage="40" keywordseo="IBM">IBM</keyword>. 
 
The company’s market valuation reached Rs 5,03,148 crore (about $84 billion). It is the highest since its listing l0 years ago. 
 The software services firm's record market capitalisation is bigger than the combined market cap of the other four domestic IT players in the pecking order like Infosys ($31.7 billion), Wipro ($23.3 billion), <keyword id="30331" type="CITY" weightage="40" keywordseo="HCL-Technologies">HCL Technologies</keyword> ($17.9 billion) and <keyword id="43217" type="CITY" weightage="40" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> ($8.5 billion). 
 Also, TCS’s market cap is much bigger than the combined market cap of the other 31-listed <keyword id="6355725" type="CITY" weightage="40" keywordseo="Tata-Group">Tata group</keyword> companies' $57.2 billion. In term of the rankings, the Mumbai-based software company is followed by ONGC ($57.63 billion), <keyword id="6355199" type="CITY" weightage="40" keywordseo="Reliance-Industries">Reliance Industries</keyword> ($55.53 billion) and ITC ($46.62 billion). 
 
Looking at the market value, shares of TCS have risen nearly 9% since the company announced robust first quarter FY 2015 earnings last. Several analysts believe FY15 will be eventful for TCS as its global customers increase spending on IT services. Also, the $13-billion IT firm won seven large deals in Q1 FY15. 
 According to analysts, TCS' superior market valuation attributes to its outstanding financial performance and outpacing peers in the sector. TCS is one of the most expensive IT services <keyword id="6354298" type="ORGANIZATION" weightage="40" keywordseo="stocks">stocks</keyword> in the world. The company gets more than three-quarters of its revenues from the US. The company’s market cap is more than six times its revenues and 28 times its net profits in FY14. This would not only help in attracting top-notch investors, but will boost the global profile of TCS. 
(Image: The Times of India)

TCS First Indian Company To Cross Rs 5 Lakh Crore Mark In Market Capitalisation

UK Prime Minister <keyword id="6380867" type="PERSON" weightage="20" keywordseo="boris-johnson">Boris Johnson</keyword> on Wednesday faces mounting pressure for a temporary complete national <keyword id="91743" type="PERSON" weightage="20" keywordseo="lockdown">lockdown</keyword> to act as a "circuit breaker" for the continued rise in <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> infections, even as the new three-tier system COVID-19 restrictions came into force across England. While the new medium, high and very high alert levels system cleared <keyword id="9256445" type="COMPANY" weightage="20" keywordseo="the-house-of-commons">the House of Commons</keyword> vote on Tuesday to be enforced from Wednesday, more than 40 MPs from Johnson's own <keyword id="107792" type="COMPANY" weightage="20" keywordseo="Conservative-party">Conservative Party</keyword> rebelled with their vote against the 10pm curfews imposed on pubs, bars, restaurants and other hospitality settings. On the other end of the spectrum, Opposition Labour Leader Keir Starmer demanded a two to three-week short "circuit breaker" lockdown instead as he accused the government of having "lost control" of the pandemic. "The government's plan simply isn't working - another course is needed," he said. The Opposition demand for a "temporary set of clear and effective restrictions" for the country came as Northern Ireland chose the toughest route of shutdowns to try and control the spread of the virus, which include shutting down schools from Monday. Under the localised rules for the region, hospitality businesses will be limited to takeaway and delivery services for four weeks from Friday after health officials warned infections would rise further if both schools and hospitality premises remained open. "A lot of these decisions will have huge impacts - we're very determined this will be a time-limited intervention," said Northern Ireland First Minister Arlene Foster. Scotland, meanwhile, already has tougher measures in place and Wales has warned that its own "circuit breaker" lockdown preparations were underway. "I'm not announcing it today but I do want people to know we are planning very seriously, so if we do need to do it we'll be in a position to do it and in a position to do it quickly," said Welsh First Minister Mark Drakeford. He has called on Johnson to convene an emergency <keyword id="10107063" type="COMPANY" weightage="20" keywordseo="cabinet-office-briefing-room-a">Cabinet Office Briefing Room A</keyword> (COBRA) meeting so that all four nations of the United Kingdom, able to set their own levels of lockdown, could discuss measures on a nationwide scale. According to official documents released earlier this week, senior government advisers and scientists have also recommended a so-called circuit breaker as the R rate - or the rate at which the infection is being transmitted within the community - continues a worrying upwards trajectory, adding pressure on the state-funded National Health Service (NHS) hospitals and clinics. Meanwhile, under the three-tier system of restrictions now in place across England, most of the country is in the lowest tier - medium - but millions of people in the north and the Midlands face extra curbs on households mixing. The Liverpool region is the only area to be under the toughest rules, with pubs and bars not serving meals closed. Government health officials are holding talks to discuss the possibility of Greater Manchester, Lancashire and some other areas joining the top tier. London Mayor Sadiq Khan has also warned that the UK capital may have to be moved into the high category, from the current medium zone, due to a worrying spike in cases. Areas on a medium alert are subject to the national restrictions currently in force, including the rule of six on indoor and outdoor gatherings and the 10pm closing time for pubs, bars and restaurants. In addition to these restrictions, in areas on high alert - including north-east England, much of the North West and parts of the Midlands, along with West and South Yorkshire - different households are not allowed to mix indoors. Areas on very high alert face extra curbs, with different households banned from mixing indoors or outdoors in hospitality venues or private gardens. Pubs and bars will be closed unless they are serving substantial meals and there is also guidance against travelling in and out of the area. It comes as a further 17,234 coronavirus cases were recorded in the UK this week, while 143 more people have died, taking the death toll from the virus closer to 43,000. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-wipro-infosys-future-retail-airtel-irctc-srf-and-others/articleshow/78651966.cms">Top stocks to watch — Wipro, Infosys, Future Retail, Airtel, IRCTC, SRF, and others</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-new-iphone-12-series-with-5g-launched-starting-at-rs-69999-along-with-side-homepod-mini-debut/articleshow/78647779.cms">Apple's new iPhone 12 series with 5G launched starting at ₹ 69,999 along with HomePod Mini debut</a> <a href="https://www.businessinsider.in/science/news/a-spacecraft-flying-by-venus-on-wednesday-night-could-confirm-recently-found-signs-of-alien-life/articleshow/78646790.cms">A spacecraft flying by Venus on Wednesday night could confirm recently found signs of alien life</a>

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Wipro sees FY23 revenue growth at 11.5-12%, Q3 profit growth beats analyst expectations

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Wipro CEO Delaporte’s new plan could give the Indian IT services giant the edge it needs to catch up to its peers, according to analysts

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Ireland wants more and more Indian startups to set base, offers tax benefits

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TCS First Indian Company To Cross Rs 5 Lakh Crore Mark In Market Capitalisation

BI India Bureau

UK PM Boris Johnson under pressure to order full 'circuit breaker' COVID-19 lockdown

PTI

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