In May 2017, we introduced the new Brand identity of Wipro and rearticulated our Values, the Spirit of Wipro. The year also marks the 70th anniversary of Wipro’s listing on the stock exchange.
Global political uncertainty weighed on business sentiment in 2016, impacting the IT Services industry. In the fiscal year 201617, Gross Revenues of Wipro grew by 7.4%.
International Monetary Fund expects economic activity to pick up through 2017 in both Advanced Economies as well as the Emerging Markets, but pockets of weaknesses remain. Wipro faces this changing environment with optimism.
In my letter last year, I touched upon the pervasive change that businesses were experiencing. Over the last year, we saw further evidence of a drastic change in expectations and experiences of consumers and business models. Digital is the central element driving this change. We believe that IT Services companies are key to delivering Digital to enterprises.
At Wipro, we strongly believe that our success will depend on our ability to redefine and align ourselves with the new global paradigms and the disruptive developments in our industry. In this context, we have made significant investments, organic and inorganic, and developed capabilities to serve our clients.
Our clients profoundly value our capacity to meld our deep technology and domain expertise for solutions across a very wide range of their business needs. This is complemented by our capability to draw and apply insights from across industries, to deliver with consistent excellence and integrated end-to-end capabilities and services.
Brand Identity and Spirit of Wipro
Our earlier brand identity has been an enormous source of strength for us since 1998, and so has the previous articulation of our values, the Spirit of Wipro, from 2006. So, the introduction of the new identity and the rearticulated Spirit of Wipro, is a rare and important occasion.
Wipro has been built by an unflinching commitment to values. And our Brand identity has been a clear visual representation of what we do for our clients, what we mean to them, and so in a deep sense why we exist.
Our new brand identity is energizing and exciting. It is a very apt visual expression of why we exist: to amplify our client’s success.
The new identity reflects our transformation in the enormously diverse, yet deeply connected world. It captures our expanding ability to generate insights from interconnected perspectives. And to bring these insights to bear directly on innovations which drive our clients’ business success.
The Spirit of Wipro energizes us to make this happen. The rearticulated Spirit is deeply resonant with the new identity. It reflects our transformation, yet remains firmly rooted in who we are and have been.
This is as it must be, because the Spirit of Wipro is the core of Wipro. It is our character. It is the unchanging essence of Wipro, while embracing what we must aspire to be. It is for this that the Spirit of Wipro is our beacon. With our vibrant new brand identity and the rearticulated Spirit of Wipro, I see enormous source of energy to power success: the success of our clients, the success of our employees, the success of our stakeholders and therefore the success of Wipro.
We continually strive to enhance value for investors. The trust that our clients place in us is at the heart of this.
We have a philosophy of providing regular and stable payout to investors and prudently evaluate capital allocation decisions, in the interest of building long term stakeholder value.
Consistent with this approach, we announced a bonus issue. Shortly, the Board will also consider a proposal to buyback equity shares of the company.
The value that a company creates for its stakeholders is not just financial but also social, environmental, intellectual and human. For example, companies create social value by investing in employee skilling and development, through its products and services and through the relationships it builds with its customers and suppliers.
Social value is also created when companies engage with its communities and work on some of society’s most pressing issues. It creates environmental value by being more ecologically sustainable. Continuing from last year, a predominant theme of our report this year is on how we create value on the five dimensions of financial, human, social, natural and intellectual capital.
The creation of intellectual capital results from investments in human capital. Last year we trained over 39,000 employees in Digital technologies. Our investments in emerging technology spaces of Artificial Intelligence, Data Analytics and Digital resulted in 603 patents last year alone. Our work in school education, community care and ecology enhances social and natural capital. The Wipro Science Education Fellowship for teachers in the US has now expanded to the city of Dallas, while we continue to work closely with teachers in Boston, Chicago, New Jersey and New York.
We are making very satisfactory progress on all our Sustainability Goals. The fact that 38% of all our water requirements is met through recycling helps preserve a precious natural resource. In combination with improvements in water efficiency, we saved nearly 500 million liters of water last year. These water efficiency initiatives reduce pressure on freshwater resources and pares energy consumption. In 2016-17, our absolute greenhouse gas emissions reduced by nearly 30,000 tons. This was driven by our renewable energy footprint which stands at 25% of our overall electricity consumption and investments in energy efficiency. We will continue to vigorously drive both these dimensions in line with our defined targets for 2020.
Our new brand identity resonates deeply with this fundamental approach of value creation on multiple dimensions, reflected in the energetic and organic integration of diversity in the identity.
And at our core, is the Spirit of Wipro, which directly guides us to be responsible as a global citizen of this planet.
Let me end by thanking you and all our stakeholders, for the trust and faith that you repose in us.
Azim Premji June 17, 2017