Azim Premji son elevated to board

Bengaluru :  There has been another son rise in the corporate world with software services firm Wipro elevating the company’s founder Azim Premji’s son Rishad to the board.

While Rishad Premji’s elevation was on the cards for some time, the decision came as Wipro reported a marginal below-par 2.1 per cent rise in fourth quarter net profit to Rs 2,286.5 crore. It was Rs 2,239.1 crore in the quarter ended March 31, 2014.

“It is an absolute privilege and honour to be invited to the board of Wipro, a company built over the past 70 years on the bedrock of uncompromising integrity and the hard work of thousands of Wipro-ites,” said Rishad Premji in a statement. Wipro’s revenue grew by 3.9 per cent to Rs 12,171.4 crore in the January March quarter of 2014-15, from Rs 11,703.6 crore in the year-ago period. There has been an increase of 6 per cent in revenues from IT services business year-on-year to Rs 11,240 crore in the present quarter.

The company has forecast its IT services revenues for the April-June 2015 quarter to be in the range of USD 1.76 billion to USD 1.79 billion.

For the year ended March 31, 2015, Wipro’s net profit increased 11.03 per cent to Rs 8,705.9 crore, while revenues were up 8.14 per cent to Rs 47,318 crore – again a marginal show.

The industry and investors would now closely track the quarterly performance report of former sector bellwether Infosys, which will be the last of the top-tier software firms to declare results this quarter. TCS disappointed investors with a below-par performance. Also on the radar of investors would be US-based Cognizant Technology Solutions Corp’s results in early May. Over the past 5 years, Cognizant and TCS had set the benchmark for the sector, dislodging Infosys and Wipro.

Shares of Wipro closed marginally up at Rs. 578.80 on Tuesday on the BSE.

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