Wipro reappoints Azim Premji as non-executive, non-independent director; Rishad Premji as whole-time director

The announcement was made after market hours on Friday as the company board met to approve the March quarter earnings of the $10.5 billion global information technology, consulting, and business process services company.

The senior Premji took over the leadership of Wipro in the late 1960’s. He relinquished executive responsibilities at Wipro in July 2019, to focus on philanthropic work through the Foundation. Premji is a graduate in Electrical Engineering from Stanford University, USA.

Rishad, the son of , currently holds the post of Executive Chairman of the company. He joined Wipro in 2007 and worked in several roles before becoming Executive Chairman in 2019. He started as a general manager in Wipro’s Banking and Financial Services business, went on to head investor relations, and then led Wipro’s Strategy and M&A function.

Wipro reported an 8% year-on-year (YoY) fall in consolidated net profit to Rs 2,835 crore for the quarter ended March 2024. It was Rs 3,074 crore in the last year quarter. The profit figure was slightly below the ET Now Poll estimate of Rs 2880 crore. Revenue from operations in the reporting period also declined 4% YoY to Rs 22,208 crore, compared with Rs 23,190 crore in the corresponding period of last year.

IT services segment revenue for the quarter came in at $2,657.4 million, which is flat quarter-on-quarter (QoQ) and a decrease of 6.4% YoY.

Meanwhile, constant currency IT services revenue fell 0.3% QoQ and 6.6% YoY.

The stock ended at Rs 452.10 in today's trade on the NSE, up by Rs 7.75 or 1.74%.

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