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News: As per media reports, Wipro has rolled out record senior promotions to retain talent. The report mentions that the company has promoted 12 top executives to the post of senior vice president and 61 executives to the post of vice president to address the recent exit of top level executives
Views: The move is in line with the company’s policy to promote talent on a quarterly basis, which they announced at the start of FY22. We also believe that the recent exit of four regional heads also could have triggered this move. The company has guided for strong double revenue digit growth in FY23. It is critical for the company to retain key talent to achieve this growth. This move will have a short-term cost impact but we believe they are likely to be baked in their commentary on maintaining at least 15% EBIT margin in the near term
Impact: Neutral