Wipro Q4: What did new CEO Srini Pallia say after the results

Wipro Q4: What did new CEO Srini Pallia say after the results

Wipro CEO Srini Pallia on Friday said that the financial year 2023-24 was a tough year for the industry, after the IT firm announced its results for the fourth quarter of FY24.Â

The newly appointed CEO also mentioned that macroeconomic conditions are uncertain after the firm recorded a loss for FY24.Â

“FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain,” said Pallia.Â

Despite this, he expressed optimism about the future, citing the imminent technological advancements, particularly in artificial intelligence.

“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.Â

Wipro reported a consolidated net profit of Rs 2,835 crore for Q4 FY24, reflecting an 8% decline compared to the same period last year when it stood at Rs 3,074 crore.

The revenue from operations also witnessed a downturn, with a 4% year-on-year decrease to Rs 22,208 crore, down from Rs 23,190 crore in the previous year’s corresponding period.

However, he exuded confidence in his employees and said that the IT firm was ready for challenges.Â

“At Wipro, we have been gearing up for this moment. We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realize our goals. Although there’s a considerable amount of work ahead of us, I am confident that together, with our collective effort, we can pave the way for the next chapter of growth,” said Pallia.Â

Wipro’s revenue for the quarter amounted to $2,657.4 million, maintaining stability quarter-on-quarter but experiencing a 6.4% drop compared to the same period last year. The constant currency IT services revenue saw a slight decline both quarter-on-quarter (0.3%) and year-on-year (6.6%).

Looking ahead, Wipro provided insight for the June quarter, estimating the revenue from IT services to fall within the range of $2,617 million to $2,670 million. This translates to a sequential guidance of -1.5% to -0.5% in constant currency terms.

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