NEW DELHI: Wipro is reportedly planning to cut hundreds of mid-level roles at its onsite locations. In Q3FY24, for the fourth consecutive quarter, the company reported a fall in its consolidated net profit at Rs 2,694 crore. The firm’s IT services operating margin in stood at 16.0%, down 11 bps sequentially. Reports suggest the intimations were sent to employees early this month and that the company’s onsite resources in Capco are very costly. In 2021, Wipro acquired Capco, a global management and technology consultancy to the banking and financial services industry, for $1.45 billion.

Source: Indian Express February 01, 2024 14:51 UTC