Wipro doubles down on AI while EBIT margin hits 16%
Wipro is doubling down on AI-powered platforms to keep up momentum, even as clients tighten spending.
CEO Srini Pallia shared that companies are saving money through cost-cutting and vendor consolidation, then channeling those savings into AI projects.
The company pulled in $2,614.5 million in revenue last quarter, but its EBIT margin dropped to a 15-quarter low of 16%.
Aparna Iyer targets 17%-17.5% margin
CFO Aparna Iyer says Wipro is working to boost its profit margin back up to 17% to 17.5% by focusing on efficiency and smart investments.
Revenue growth next quarter is expected to be pretty flat, between minus 1.5% and plus 0.5%.
On the hiring front, CHRO Saurabh Govil explained Wipro is being cautious: campus recruitment will depend on demand, while its current talent pool covers what is needed for now.