Wipro chairman Rishad Premji has exuded confidence in its new chief executive Srini Pallia’s leadership, saying in a letter to the IT services company’s shareholders that “we are in for a bright future together” under Pallia’s leadership.

In his letter published in Wipro’s annual report for 2023-24, Premji also acknowledged that the year had “undoubtedly been one of the most challenging years in our company’s history”.

A Wipro veteran of over 32 years, Pallia was appointed the CEO following the sudden resignation of Thierry Delaporte 18 months before his tenure was supposed to expire.

Pallia, CEO and MD of Wipro, in his letter to stakeholders, said, “Since taking over, I have connected with every facet of the organisation, including clients, colleagues, and partners, and gained valuable insights into their perspectives. This has led to a strategic plan that focuses on leveraging our company’s strengths to serve our clients better and embrace the ongoing advancements in AI, positioning us for renewed growth.”

For FY24, billionaire Azim Premji-promoted Wipro reported a 4.4% dip in gross revenue at $10.8 billion while its operating margin edged up to 16.1%.

In the annual report, Pallia reiterated his five key strategic areas designed to revitalise the company in FY25.

“Our consulting-led approach empowers clients to unlock value from AI, enabling them to achieve both short-term and long-term goals,” he said. “As the benefits of AI – enhanced stakeholder experience, revenue insights, and cost optimisation – become apparent, we anticipate a significant acceleration in this space.”GenAI

Emphasising the importance of generative artificial intelligence (GenAI), Rishad Premji said GenAI has moved beyond curiosity to becoming a core component of long-term strategies for value creation.

“Despite some short-term challenges, the fundamentals of our business remain unchanged,” he said. “Over the past year, there has been a dramatic shift in how businesses view AI, particularly Generative AI.”

Given the massive reduction in headcount across the IT services industry, Premji said talent development is an essential part of Wipro’s AI strategy. “We have partnered with leading universities like the Indian Institute of Technology and the Indian Institute of Science to fuel research, strengthen the AI talent pipeline, and upskill our workforce in cutting-edge AI technologies,” he said.

In FY24, the Bengaluru-based company witnessed an annual drop in its headcount by 24,516 employees to 234,054. The firm saw a reduction of 6,180 employees in the fourth quarter ended March.

Wipro has imparted training in basic GenAI fundamentals to over 225,000 employees, and 30,000 of them have received advanced training tailored to their specific roles. “We have actively deployed GenAI across internal processes, driving hundreds of use cases,” Premji said.

Wipro said it is investing in skill-building initiatives to build a future-ready workforce. This includes partnerships with leading universities like IISc for formal degree programs in AI-related fields like its online MTech course. It also has an AI-based learning and development platform, iAspire, that offers personalised learning journeys to its employees.

Wipro chairman Rishad Premji has exuded confidence in its new chief executive Srini Pallia’s leadership, saying in a letter to the IT services company’s shareholders that “we are in for a bright future together” under Pallia’s leadership.

In his letter published in Wipro’s annual report for 2023-24, Premji also acknowledged that the year had “undoubtedly been one of the most challenging years in our company’s history”.

A Wipro veteran of over 32 years, Pallia was appointed the CEO following the sudden resignation of Thierry Delaporte 18 months before his tenure was supposed to expire.

Pallia, CEO and MD of Wipro, in his letter to stakeholders, said, “Since taking over, I have connected with every facet of the organisation, including clients, colleagues, and partners, and gained valuable insights into their perspectives. This has led to a strategic plan that focuses on leveraging our company’s strengths to serve our clients better and embrace the ongoing advancements in AI, positioning us for renewed growth.”

For FY24, billionaire Azim Premji-promoted Wipro reported a 4.4% dip in gross revenue at $10.8 billion while its operating margin edged up to 16.1%.

In the annual report, Pallia reiterated his five key strategic areas designed to revitalise the company in FY25.

“Our consulting-led approach empowers clients to unlock value from AI, enabling them to achieve both short-term and long-term goals,” he said. “As the benefits of AI – enhanced stakeholder experience, revenue insights, and cost optimisation – become apparent, we anticipate a significant acceleration in this space.”GenAI

Emphasising the importance of generative artificial intelligence (GenAI), Rishad Premji said GenAI has moved beyond curiosity to becoming a core component of long-term strategies for value creation.

“Despite some short-term challenges, the fundamentals of our business remain unchanged,” he said. “Over the past year, there has been a dramatic shift in how businesses view AI, particularly Generative AI.”

Given the massive reduction in headcount across the IT services industry, Premji said talent development is an essential part of Wipro’s AI strategy. “We have partnered with leading universities like the Indian Institute of Technology and the Indian Institute of Science to fuel research, strengthen the AI talent pipeline, and upskill our workforce in cutting-edge AI technologies,” he said.

In FY24, the Bengaluru-based company witnessed an annual drop in its headcount by 24,516 employees to 234,054. The firm saw a reduction of 6,180 employees in the fourth quarter ended March.

Wipro has imparted training in basic GenAI fundamentals to over 225,000 employees, and 30,000 of them have received advanced training tailored to their specific roles. “We have actively deployed GenAI across internal processes, driving hundreds of use cases,” Premji said.

Wipro said it is investing in skill-building initiatives to build a future-ready workforce. This includes partnerships with leading universities like IISc for formal degree programs in AI-related fields like its online MTech course. It also has an AI-based learning and development platform, iAspire, that offers personalised learning journeys to its employees.