Wipro Ltd has once again under performed. This was revealed when the results for the third quarter were announced. In this context the joint CEOs Girish Paranjpe and Suresh Vaswani have resigned, making way for T.K. Kurien as the CEO of the IT business and executive director of the company. Wipro Ltd consolidated numbers, which also include its other businesses like consumer care, show an increase in net profit to Rs 1,319 crore, up 3.36%, and a revenue increase to Rs7,829 crore, an increase of 1.26 % sequentially. Operating margins remained flat at 22.2 %.Consensus numbers for revenue were around the Rs8,000 crore mark. Dollar denominated global IT revenues rose 5.6% to $1.34 billion (QoQ). “The operating margins for IT services business was flat, despite lower working days and drop in utilization,” Suresh Senapaty, executive director & chief financial officer said. Industry analysts however point out that both Girish (who built the BFSI business for the company) and Suresh ( the blue-eyed boy of Premji for a long time, having built Wipro Infotech, the company’s arm, which caters to the domestic market) are too experienced not to continue playing a role in the Indian IT industry.
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