Wipro brings in new Europe head Omkar Nisal to revive market amid slowdown

Europe, despite being Wipro's second-largest market after the United States, has been underperforming in recent years

Homegrown IT services provider Wipro Ltd recently appointed Omkar Nisal as the new chief executive of its Europe business. 

Based in London, Nisal assumes the role immediately, reporting to CEO and Managing Director Srinivas Pallia and joining the executive board.

  The appointment of Nisal comes amid the firm's efforts to revive its European market and may also be a part of a larger leadership overhaul by Pallia, who took charge earlier this year, according to a report in Mint.

 

Wipro's Europe market decline

Europe is Wipro’s second-largest market after the United States. However, the market has been underperforming in recent years. In the quarter ending September 2024, Wipro's Europe operations accounted for 27.9 per cent ($742 million) of its $2.66 billion revenue, down from 28.4 per cent ($631 million) in the January-March 2021 quarter.

 

 

The compounded quarterly dollar revenue growth for Wipro's Europe business stood at 1.16 per cent between March 2021 and September 2024, compared to the company's overall growth of 1.3 per cent, according to data analysed by Mint.

 

In comparison, rival firms Tata Consultancy Services (TCS) and HCL Technologies (HCLTech) reported higher compounded quarterly growth rates of 1.51 per cent and 1.58 per cent, respectively, in their Europe businesses during the same period.

 

Omkar Nisal to lead Wipro's European market

Nisal, who has been with the company since 2012, succeeds Pierre Bruno, who had led Wipro's Europe operations since February 2021.

 

“Omkar’s strategic vision, combined with a strong understanding of the European market dynamics, well positions him to lead our ambitious plans for growth and expansion. With a strong customer-centric approach, Omkar will help build a resilient and adaptable organisation poised for sustainable growth in the region,” Pallia stated in the company's official release.

 

Pallia has focused on promoting internal talent like Nisal and Vinay Firake, who was appointed head of the Asia-Pacific, West Asia, and Africa (APMEA) region in May 2024, to address declining revenues in key geographies, the report said.

 

Shares of Wipro rose 7.18 per cent on Tuesday, following Nisal’s appointment, which was announced a day prior. In comparison, on the same day, rival TCS shares climbed 6.35 per cent, as earlier reported by Business Standard.

 

Investor eyes are on the IT firms as the company has also announced the extension of its work with Marelli for an additional four years. 

 

While Wipro aims to regain growth in its Europe and Asia businesses, it faces stiff competition. HCLTech led revenue growth among India’s top IT firms in the first half of the ongoing financial year, with a 5.98 per cent year-on-year increase, followed by Infosys at 2.92 per cent.