Information technology (IT) services firm Wipro has appointed NS Kannan as an independent director to the company’s board.
The company currently has Ireena Vittal, Patrick Dupuis, Patrick J Ennis, Deepak M Satwalekar, Tulsi Naidu, and Paivi Rekonen as independent directors on its board.
NS Kannan will join the company after having retired as the managing director and chief executive of insurance firm, ICICI Prudential Life Insurance Co.
Rishad Premji, executive chairman of Wipro, said, “Kannan is a veteran of the financial services industry, and Wipro will greatly benefit from his leadership experience, and expertise across Finance, Strategy, Corporate Governance, Risk Management, and beyond.”
Recently, Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for the quarter that ended June 30, 2023.
“Wipro’s first-quarter results come with a strong backbone of large deal bookings, robust client additions, and resilient margins,” said Thierry Delaporte, CEO and Managing Director.
“Despite a gradual reduction in clients’ discretionary spending, we maintained new business momentum. We earned our clients’ trust with strong delivery, innovation, and expanded services that strengthen our long-term businesses, and help capture market share”, Thierry Delaport added.
Thierry Delaport further said, “The launch of Wipro ai360 and the USD 1 billion investment solidifies Wipro’s position as a leading transformation partner that delivers the results and innovation our clients need to future-proof their businesses.”
Jatin Dalal, Chief Financial Officer, said, “Our ongoing focus on operational improvement has ensured that margin remains steady even in a softening revenue environment.”
“Our operating Margin for the first quarter was 16% an expansion of 112 basis points YoY. We generated strong operating cash flows at 130% of our net income for the Quarter. EPS for the quarter grew by 11.5% YoY”, Jatin Dalal added.
The Voluntary attrition has continued to moderate QoQ, coming in at an 8-quarter low in Q1’24. Sharing the Q1 results the firm said that its attrition volume stood at 17.3 percent from 19.4 percent in the previous quarter. As per the report, The Voluntary attrition is in IT Services computed on a quarterly annualized basis and excludes DOP
The firm also that employee count has gone down by 8,812 individuals in the June quarter. The total employee count at Wipro experienced a decline, reaching 249,758 by the end of the first quarter, in comparison to 258,570 at the end of the previous fiscal year, FY23.
Through an employee-centric design for streamlined banking services, Wipro will enable standardized operations globally, eliminate redundancies and improve service quality with a focus on compliance. The company will also provide an efficient, scalable, secure, and centralized estate to improve asset and vendor management.
