Wipro Chairman Rishad Premji calls FY24 ‘most challenging’, shares views on AI

Wipro Chairman Rishad Premji on Tuesday called the financial year 2023-24 "most challenging" but assured that the information technology company is committed to innovation and investing in the future.

In a letter to shareholders, Premji said, "FY24 has undoubtedly been one of the most challenging years in our company's history. The global economic climate has been quite volatile, affecting the technology spends of our clients. These headwinds, however, have only strengthened our resolve. We remain committed to innovation and are dedicated to investing in our future."

He said that in spite of some short-term challenges, the company's fundamentals remain unchanged. "Despite subdued discretionary spending in the first half, we saw green shoots in our consulting business in the second half of the year, a positive early indicator," he added.

Wipro Chairman on AI

On artificial intelligence, Rishad Premji said that from being a topic of curiosity, AI has become a core component of long-term strategies for value creation.

"AI offers a unique opportunity to reshape industries, drive efficiencies, and unlock innovation, and we aim to be at the forefront of this transformation," he said.

Premji added that over 2,25,000 employees of Wipro have received training for basic generative AI foundations, and 30,000 have received advanced AI training.

"Widespread AI adoption demands strong change management. Equipping our workforce to collaborate with AI through training and clear communication is crucial. This human-centred approach bridges the gap, builds trust and maximises AI's potential," the Wipro chairman said.

Being optimistic, Rishad Premji said the company's best days are yet to come. "We will continue to innovate, inspire, and create value for all stakeholders, charting a course towards a more prosperous tomorrow," he concluded.