Wipro promotes Rishad Premji to its board, Q4 net up just 2%
Country's third largest software services firm Wipro today reported 2.1% rise in fourth quarter net profit to Rs 2,286.5 crore, while it elevated founder Azim Premji's son Rishad to the board.business Updated: Apr 22, 2015 00:18 IST
On a day when India’s third-largest software services exporter Wipro posted a modest growth in quarterly profit, the company promoted Azim Premji’s son Rishad to its board, a possible precursor to his getting the top job.
The IT major reported a 2% year-on-year rise in net profit to Rs 2,272 crore during January-March, aided by a rise in spending by Western clients.
Revenue rose 4% to Rs 12,140 crore during the quarter.
Rishad, the eldest son and a Harvard Business School graduate, was already Wipro’s chief strategy officer.
The company said in a release that Rishad, who joined Wipro in 2007, has “played a critical role in defining the company’s strategy and driving its mergers and acquisitions function.”
“Rishad will continue to run strategy and mergers and acquisitions in addition to his new responsibilities overseeing the technology office, investor and government relations, and Wipro Ventures,” it added.
Azim Premji took over his father’s ailing vegetable oil business in the mid-1960s. He diversified into making hydraulic cylinders in the 1970s and forayed into information technology in 1980.
“There is nothing much to be read into this other than the fact he is really representing shareholders’ interest,” Wipro’s chief executive officer TK Kurien said on Rishad’s elevation.
“We have achieved improved customer satisfaction through better articulated solutions and improved delivery,” Kurien added.
First Published: Apr 21, 2015 17:50 IST