Wipro Generated 25% More Profit In 4 Years Compared To Previous Period: Thierry Delaporte The CEO and MD resigned from his post and would be succeeded by Srini Pallia who was the CEO for America, Wipro's biggest and fastest growing strategic market
By Shrabona Ghosh •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
As Thierry Delaporte, CEO and MD Wipro Limited resigned from his post, he expressed, "I'm proud of what we've achieved over the last four years, growing revenues by 35 per cent. We've generated 25 per cent more profit in the last four years than in the previous four -year period, and the value of our stock and market-capitalization has grown by 2.5 times since 2020," he said, adding that Wipro's incredible journey is about so much more than numbers. "I came in to fundamentally transform and modernize Wipro for the future. It has been a priority to perform while transforming; to introduce client-centric guiding principles of agility, excellence, and investments in new technologies and systems."
However, from the last two quarters Wipro had been recording a decline in profit. In its Q3 Results, Wipro posted a 12 per cent year-on-year slump in consolidated net profit to INR 2,694 crore. Additionally, the consolidated revenue experienced a 4.4 per cent decrease, amounting to INR 22,205 crore. Similarly, in its Q2 FY24, the IT major reported a marginal drop in its profit at 0.48 per cent dip. The Q2 FY24 profit stood at INR 2,646.3 crore (year-on-year) from INR 2,659 crore in the year-ago period.
Thierry Delaporte will be succeeded by Srini Pallia as the CEO & MD of the company, effective immediately. Delaporte stepped down within four years, before completion of his tenure. Srini has been with Wipro for over three decades and most recently served as the CEO for America, Wipro's biggest and fastest growing strategic market. In this role, he oversaw diverse industry sectors, established their vision, and implemented growth strategies, resulting in increased market shares within these sectors. Srini is a member of the Wipro Executive Board.
Delaporte was preceded by Abidali Neemuchwala, who was previously a TCS veteran. Neemuchwala had left Wipro's leadership role on June 1, 2020, also a year ahead of his tenure's end. In 2023, a series of exits hit Wipro. Chief Operations Officer Sanjeev Singh and several senior vice presidents moved out. Long-serving Chief Financial Officer (CFO) Jatin Dalal, too resigned. These exits came as the company continued its long-term effort to restructure its business.
"I'd like to share with my friends and colleagues here that, as of 6 April, I have resigned as CEO of Wipro. Over the next two months, until the end of May 2024, I am committed to maintaining the same business-first excellence that our clients are accustomed to, while enabling a seamless transition," Delaporte said.
"It has been valuable to hear positive feedback from clients about the rejuvenated Wipro, and to know that Wipro today is bold, ambitious, more efficient and focused, more diverse and inventive, and helmed by a handpicked team of powerful leaders. I wish Wipro all the very best as it strides forth to conquer new goals. We have travelled a long journey, but the time has come for me to move on. I am excited about my next move and look forward to sharing it here when the time is right," Delaporte added in his LinkedIn post.
