Rishad is chair, I’m CEO, Azim Premji is a shareholder: Wipro’s Delaporte
Mint sat down with Delaporte for an interview, at Wipro’s office in Gurugram, the company announced that its chief financial officer (CFO) Jatin Dalal had resigned. Dressed in white JM Weston sneakers, blue jeans, and a white shirt, Delaporte appeared unfazed by the exits and defended his leadership style. Wipro is in the middle of a ‘tough’ transformation and people not aligned with the company’s objectives leave, he said.
The CEO maintained that the company will bounce back once market conditions improve—the IT services sector, overall, has slowed down. Fears of a looming recession in the US and Europe have made Fortune 1000 companies hold back from starting new tech projects, hurting homegrown technology services firms. Wipro ended 2022-23 with revenue of $11.2 billion.
Many analysts expect the company to lag larger rivals this year. Kotak estimates Wipro’s full-year revenue to slip 0.3% while Goldman Sachs stated that revenue from its IT services business could fall up to 1.9%. Wipro’s operating margin, meanwhile, has slipped from 19% at the end of June 2020 to 16% at the end of June 2023.
So, what exactly is the company’s plan? Here’s what Delaporte told Mint. Edited excerpts: That is not right. Look at all the changes we have undertaken.
Tell me about another company in this industry that has so dramatically transformed its systems and processes, brought in talent from outside, and made significant acquisitions. We are transforming the company with a 5-10-year horizon. A market slowdown has made everyone slow down, including us.
But we’re not deviating from our strategy on how to be more efficient. Let me give you an example of the transformation we have undertaken. When I arrived three years back, I realized that
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