Wipro Q4 results: Net profit falls 8% to Rs 2,835 crore

Wipro Q4 results: Net profit falls 8% to Rs 2,835 crore

IT services firm Wipro’s consolidated net profit stood at Rs 2835 crore in the fourth quarter of FY24, marking a 8% drop compared to Rs 3,074 crore in the same quarter last year.

During the reporting period, India’s fourth-largest software services company’s revenue from operations also saw a 4% year-on-year decline to Rs 22,208 crore, down from Rs 23,190 crore in the corresponding period of the previous year.

During the quarter, the IT services segment revenue for Wipro totalled $2,657.4 million, maintaining stability quarter-on-quarter but showing a 6.4% decrease compared to the same period last year. Additionally, the constant currency IT services revenue witnessed a slight quarter-on-quarter decline of 0.3% and a year-on-year decrease of 6.6%.

Wipro secured deals worth $3.6 billion during the quarter, with significant contracts amounting to $1.2 billion, marking a substantial 31% increase quarter-on-quarter and a noteworthy 9.5% rise year-on-year.

It may be noted that the company anticipates that revenue from IT services for the June quarter will fall within the range of $2,617 million to $2,670 million. This outlook translates to a sequential guidance of -1.5% to -0.5% in constant currency terms.

Srini Pallia, who recently assumed the role of CEO and Managing Director, said, “FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. However, I am optimistic about the opportunities that lie ahead.”

“We are on the brink of a major technological shift. Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value, he added.