Suresh Senapaty , who joined Wipro in 1980 as the head of finance function, is retiring today as the CFO of one of India’s largest business houses. He will be Non-Executive Director of Wipro Enterprise Ltd. and Wipro GE Healthcare. During the 35 years of association with the 70-year-old company, Mr. Senapaty has seen the transformation of a regional vanaspati firm with Rs.43-crore revenue to a Rs.50,000-crore revenue global conglomerate. Mr. Senapaty talks to The Hindu about his journey: Excerpts:
How do you see the journey so far in the company?
I think it is really good, wonderful, there are highs, good hits, and, of course, not so good parts and heart breaks also. Wonderful thing is that when I joined the company in 1980, it was just Rs.43-crore sales and Rs.63-lakh net income and less than Rs.5 crore of market cap. When I step down, it is more than Rs.50,000-crore of sales, about Rs.10,000 crore of net income and more than $25 billion market cap. Wipro is an abbreviation of Western India Vegetable Products started in 1945, and got listed in BSE in 1946.
The company has gone through various stages and it started as a regional company selling vanaspathi; then became national and now global. The other thing which I am excited is listing in the New York Stock Exchange. All my 35 years in Wipro are definitely a learning.
Which is the major not-so-good thing happened to you?
The not-so-good thing is that some of the growth factor we have. While over the last 20 years we have done well, in the last 4-5 years we have not done well when compared to some of our peers. So, we have taken corrective steps and some of them have happened and some of them are yet to happen.
Many of these initiatives are in progress. Theoretically, if you look at our growth rate this year, it would be far more than what we delivered last year.
How do you see the new organisation structure with a COO?
We are making good progress, and I think this is the right time for transition. The new management is ready and it is very least disruptive. With the appointment of COO, our CEO T. K. Kurien will be able to spend more time in the newer areas of investment and new space of technology. I have no doubt in my mind that the team will do a far better job.
How was your experience working with Azim Premji?
Integrity and ethics are two core things for him and for the company also. The second thing about Mr. Premji is his professionalism, certain things, which he has asked us to do was equally applicable to him also. The third good thing about him is that trying new things, experimenting new things. He believes that we should learn from mistakes and always want us to be unique and innovative.
You have also worked with his son Rishad Premji?
Mr. Rishad has been a part of my team for several years. He is a bright person, understands business well and also is very quick. He is also very humble like his father. He operates as any other individual in the company. He is the strategy officer and he is capable to get people together on certain things and execute it.
Any plans to mentor or invest in any start-ups? You, Bala and Pai had applied for a banking licence. Can you elaborate more?
My clear plan is to spend more time with my family and for myself. I am sure there are lot of avenues. In the case of start-ups, if something interesting comes and if I have time, then I may.
Yes, we have applied for a banking licence. The way the inclusive growth is taking place and looking at the current scenario of non-banked people in the country, we believe technology can enable lot of things.
Even the Reserve Bank of India is looking at various initiatives. If we get the licence, I am sure that something will emerge.
pradeesh.chandran @thehindu.co.in
