Wipro Stock

Wipro Limited (Wipro) operates as an information technology (IT) consulting and business process services (BPS) company worldwide.

Segments

The company operates through IT Services, IT Products, and India State Run Enterprise segment (ISRE) segments.

IT Services Offerings

IT Services segment provides a range of IT and IT-enabled services, which include digital strategy, customer-centric design, consulting, infrastructure services, business process services, research and development, cloud, mobility and advanced analytics and product engineering to leading enterprises worldwide.

The company’s IT Services service offerings are organized through two Global Business Lines (GBLs) – Integrated Digital, Engineering and Application Services (iDEAS) and Cloud Infrastructure, Digital Operations, Risk and Enterprise Cyber Security Services (iCORE). iDEAS will include the Domain and Consulting, Applications and Data, Engineering and R&D and Wipro Digital service lines. iCORE will include the Cloud and Infrastructure services (CIS), Digital Operations and Platform (DOP) and Cybersecurity and Risk Services (CRS) service lines.

iDEAS

iDEAS orchestrates and executes solutions for clients to build and operate digital era businesses. The company creates sector specific growth constructs and simplified and efficient new systems that drive business impact through its partner ecosystems and iDEAS experts, intellectual property (IP) and accelerators.

With a focus on five themes (industry cloud, intelligence everywhere, Industry 4.0, 5G and Edge Computing and Sustainability), the company works in lockstep with its clients to realize their ambitions securely and resiliently for their future through its six capability engines.

Cloud Transformation & NextGen Platforms: The practice brings together sector blueprints, architecture teams, cloud service partners, DevSecOps, digital engineering, integration, and modernization capability to build and deploy industry cloud solutions for the company’s clients, navigating at the same time complex data environments to unlock the journey to and beyond cloud for customers. This practice includes Wipro FullStride offerings, where the company partners with its clients to orchestrate an ecosystem of hyperscalers, other alliance partners, capabilities and technologies, allowing them to focus on continuous innovation and value creation.

Wipro Engineering: Seizing the space between technology and engineering to create solutions and platforms for sectors needing experts in Industry 4.0, IoT, Semiconductor, 5G and Automotive; the company’s sector specific software product designers, process experts and engineers work across different product lifecycle stages for its clients. The company has renamed its Engineering, Research and Development practice to Wipro Engineering.

Wipro Digital: Wipro Digital, works at the cusp of strategy, design and technology. The brand is powered by the company’s Digital Experience (DX) Practice; bringing the best of experience, marketing and next-gen interaction platforms together with engagement process experts to execute experiences for a new generation of end customers and employees.

Designit: Designit provides design-led transformation solutions that better connect brands, organizations, and businesses to their end customers through a global team of researchers, analysts and design visionaries.

Industry Domain and Consulting: Industry Domain and Consulting brings the company’s deep industry and consulting expertise to clients across the globe to reinvent how sectors build and operate their organizations in the future to secure growth and new leaner operating models, at the same time as supporting clients to manage their organizational change.

Applications and Data: The company’s Applications and Data teams guide enterprises on their journey towards data transformation by providing innovative data management and architecture strategies to ensure Intelligence Everywhere in an organization; executing these through the company’s enterprise and data partner expertise, such as SAP, Oracle, Salesforce, ServiceNow, MS Dynamics, Snowflake, Databricks, and Informatica.

iCORE

iCORE is committed to accelerating the transformation journey of the company’s customers to enable the enterprise of the future that is agile, intelligent, and resilient. The company transforms the core of enterprises through next-generation technologies and solutions combining cloud, infrastructure, cybersecurity, process, and business operations. The company’s iCORE service lines include:

Cloud Infrastructure Services (CIS): CIS partners with organizations to modernize their IT landscape by unlocking the transformative opportunities powered by the cloud. The company helps build business agility and improves operational efficiency to uncover new opportunities for innovation through its offerings in cloud, data center, digital workplace, connected intelligence, the internet of things (IoT), digital network and edge computing.

Cybersecurity and Risk Services (CRS): CRS is a next-gen cybersecurity offering that seamlessly integrates the business needs of today with the future needs of tomorrow. The company’s CyberSecurists help customers achieve a resilient cyber future through advisory-led security and risk management solutions.

Digital Operations and Platforms (DOP): DOP technology solutions build agile, intelligent, and automated processes to help enterprises drive differentiated customer experiences with an outcome-driven approach. With powerful business intelligence at its core, the company helps unlock the human potential needed to drive innovation and accelerate newer and faster responses to the ever-evolving market needs.

IT Services Clients

The company services clients from a broad array of industry sectors. Several of the company’s clients engage its services across multiple service offerings. The company seeks to increase business with its existing clients by expanding the type and range of services it can provide to them.

IT Services Sales and Marketing

The company sells its IT services in over 56 countries through locally staffed sales teams aligned with specific industries and geographies. The company’s sales teams serve as trusted partners to its clients in their transformation journeys. This is done with the goal of enabling clients to be leaders in their respective industries and achieve outstanding business outcomes. The company combines global expertise with local geography-focus to assist its clients, creating new possibilities at the intersection of design, industry, consulting, managed services, and next-generation technologies.

In hybrid work environment that is invariably part of future business models, the company’s local sales efforts are enabled through digital channels and collaborative technologies and complemented by its marketing functions, which assist through building brand awareness, positioning its business solutions, expanding its footprint in specific accounts. The company’s success as trusted partners to its clients is dependent on key elements of its sales model:

Strengthening Relationships: The company has designated Global Account Executives (GAEs) and client executives that have primary responsibility for the client relationship, providing strong accountability and client focus. Partners are playing an increasingly important role in the company’s clients’ transformations. The company continues to expand its partner relationships, with market development leads aligned to partner teams and a strategic focus on the business impact of its partnerships.

Unrelenting Focus on its Clients’ Ambitions: The company’s sales teams seek to understand its clients’ most consequential challenges and helps them overcome in ways that go beyond what they imagined for themselves. This includes orchestrating across Wipro and the company’s ecosystem of partners to create solutions with clear business outcomes.

Simplified Sales Model: The company’s simplified sales model, underlying processes and technology enhancements will provide a more seamless sales process with empowered sales teams who act with agility and alignment to bring the best of Wipro to its clients.

Large Deals Expertise: The company’s strategic pursuits team is aimed at the largest and most complex transformation deals. It consists of deal principals, financial and commercial modelers, experienced consultants, and program directors, to bring expertise in creation, solutioning, structuring and supporting in winning large deals.

Marketing: The company’s marketing organization complements its sales teams across the sales funnel by increasing market awareness, creating interest in its solutions and offerings, improving consideration by clients and partners, and improving win rates in large and midsize deals.

All the activities carried out through marketing are aimed at expanding and serving its market, including growing the company’s customer base, solidifying its relationships, and enhancing its brand and reputation.

IT Services Strategic Market Units (SMUs) structure

During the year ended March 31, 2021, the company re-organized its IT Services segment from seven industry verticals to four SMUs - Americas 1, Americas 2, Europe and Asia Pacific Middle East Africa (APMEA). Americas 1 and Americas 2 are primarily organized by industry sector, while Europe and APMEA are organized by countries.

Americas 1 includes the entire business of Latin America (LATAM) and the following industry sectors in the U.S.: healthcare and medical devices, consumer goods and life sciences, retail, transportation and services, communications, media and information services, technology products and platforms.

Americas 2 includes the entire business of Canada and the following industry sectors in the U.S.: banking, financial services and insurance, manufacturing, hi-tech, energy and utilities.

Europe consists of the United Kingdom and Ireland, Switzerland, Germany, Benelux, the Nordics and Southern Europe.

APMEA consists of Australia and New Zealand, India, the Middle East, South East Asia, Japan, and Africa.

The SMUs in Europe and APMEA will be responsible for all industry sectors in these regions. SMUs are the company’s primary go-to-market teams and seek to scale local strategic clients and drive large deal wins.

Revenue from each customer is attributed to the respective SMUs, based on the location of the customer’s primary buying center of such services. With respect to certain strategic global customers, revenue may be generated from multiple countries based on such customer’s buying centers, but the total revenue related to these strategic global customers are attributed to a single SMU based on the geographical location of key decision makers.

IT Products

IT Products segment provides a range of third-party IT products, which allows the company 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. The company provides IT products 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 (SI) engagements. Additionally, the company provides its IT Services segment revenue and results by SMUs.

The company provides IT products as a complement to its IT services offerings rather than sell standalone IT products.

IT Products Customers

The company provides its offerings to enterprises in all major industries, primarily in the India market, including government, defense, IT and IT-enabled services, telecommunications, manufacturing, utilities, education and financial services sectors. The company has a diverse range of customers. For the year ended March 31, 2022, the company had one customer that accounted for 12.0% of its overall IT Products segment revenue.

IT Products Sales and Marketing

The company is a value-added reseller of third-party enterprise products through its direct sales force. The company’s sales teams are organized by industry vertical. The company’s GAEs and client executives receive support from its corporate marketing team to assist in brand building and other corporate level marketing efforts for various market segments.

ISRE

ISRE segment consists of IT Services offerings to organizations owned or controlled by the Government of India (GoI) and/or any Indian State Governments.

The ISRE segment consists of IT Services offerings to departments or ministries of the GoI and/or the Indian State Governments, as well as to corporate entities where more than 51% of the paid-up capital is held by the GoI or any Indian State Government, either individually or jointly (i.e., a Public Sector Undertaking). In certain cases, corporate entities, which are held by the Central / State Government (more than 51%), in turn hold more than 51% stake of paid-up capital in other entities (i.e., a controlling stake), such other entities are also classified as an ISRE.

The company has pivoted its ISRE strategy to focus more on consulting and digital engagements and to be selective in bidding for SI projects with long working capital cycles.

ISRE Customers

The company has customers across the GoI, Indian State Governments and in industry sectors, such as Banking, Financial Services and Insurance (BFSI) and Energy, Natural Resources and Utilities (ENU) in the form of corporate entities where more than 51% of the paid-up capital is held by the Central and/or State governments of India. The company works with multiple ISRE customers and its top two ISRE customers contributed approximately 26.7% of its ISRE revenues for the year ended March 31, 2022. The company’s largest ISRE customer accounted for 17.7% of its overall ISRE segment revenue for the year ended March 31, 2022. The ISRE segment consists of IT services offerings to entities and/or departments owned or controlled by the GoI and/or any Indian State Governments (ISRE Customers).

ISRE Sales and Marketing

The company’s ISRE business unit will focus on the unique customer requirements and will create a Go to Market approach that will address the needs of the present, as well as future.

Business Strategy

The key elements of the company’s strategy are to accelerate growth – focus and scale; strengthen clients and partnerships; and lead with business solutions.

Intellectual Property

As of March 31, 2022, the company had 1,092 registered patents in various countries. The company had -filed 41 patents during the year ended March 31, 2022, and had approximately 982 patent applications pending registration in various jurisdictions across the world.

As of March 31, 2022, the company held 366 registered trademarks, including registered community trademarks in India, Japan, the United States, Malaysia and over 70 other countries. Over 13 trademark applications are pending for registration in various jurisdictions across the world.

Research and Development

For the year ended March 31, 2022, the company’s research and development expenses were Indian rupees 2,926 million.

Acquisitions

In April 2022, the company acquired Convergence Acceleration Solutions, LLC (CAS Group), a US-based consulting and program management company that specializes in driving large-scale business and technology transformation for Fortune 100 communications service providers.

In May 2022, the company acquired Rizing Intermediate Holdings, Inc and its subsidiaries (Rizing), a global SAP consulting firm with industry expertise and consulting capabilities in enterprise asset management, consumer industries, and human experience management. Rizing operates in 16 countries across North America, Europe, Asia, and Australia.

Divestitures

During the year ended March 31, 2022, the company sold its investment in Denim Group, Ltd. and Denim Group Management, LLC (Denim Group), which is accounted for using the equity method.

Government Regulations

Indian laws also place additional requirements on the company’s business, including that it is generally required to obtain approval under various legislations from the Reserve Bank of India (RBI), the Securities and Exchange Board of India (SEBI), Ministry of Corporate Affairs (MCA) and/or the Ministry of Finance of the GoI to acquire companies incorporated outside India, if prescribed conditions are not satisfied, and it is generally required, subject to some exceptions, to obtain approval from relevant authorities in India in order to raise capital outside India or conduct other activities.

History

Wipro Limited was founded in 1945. The company was incorporated in 1945, as Western India Vegetable Products Limited under the Indian Companies Act, VII of 1913, which is superseded by the Companies Act, 2013 (Companies Act).