Wipro Surges 2% as Step-Down Subsidiary Designit Tokyo Liquidates, Q2 Revenue Declines

15 Nov 2023 , 01:01 PM

Wipro’s stock gained nearly 2% on NSE following the announcement of the liquidation of its step-down subsidiary on November 13.

Designit Tokyo, a step-down subsidiary of Wipro Limited, was voluntarily liquidated with effect from November 13, as per a regulatory filing. The filing notes that the revenue contribution from the subsidiary as of March 2023 was approximately 0.004 %.

In Q2FY24, Wipro experiences a third consecutive quarter of revenue decline, reporting $2.7 billion, a 2.3% sequential decrease and a 0.1% YoY decline.

CEO Thierry Delaporte, in a post-earnings release, emphasizes the company’s commitment to making bold decisions in a challenging environment. He mentions investments in technology infrastructure, operational streamlining, and employee training for an AI-driven future.

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