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Wipro Q4 net dips 8% to Rs 2,835 cr

New CEO Pallia vows to improve performance, eyes large deals and AI solutions

Wipro Q4 net dips 8% to Rs 2,835 cr

BengaluruIT services major Wipro on Friday posted a mixed set of numbers with decline in revenue on sequential basis but witnessed improvement in its operating margin for the fourth quarter.

After taking over reins as the new CEO, Srini Pallia showed confidence in improving the performance of the company in coming quarters through focused approach that includes chasing of large deals, consulting-led growth and more AI-powered solutions.

The Bengaluru-headquartered company reported an 8 per cent year-on-year (YoY) fall in consolidated net profit to Rs 2,835 crore for the quarter ended March 2024.

Consolidated revenue from operations declined 4 per cent YoY to Rs 22,208 crore, compared with Rs 23,190 crore in the corresponding period of last year.

IT services revenue, which constitutes more than 95 per cent of Wipro’s total revenue, stood at $2.65 billion. This was a fall of 0.3 per cent over the previous quarter on constant currency basis. As compared to Wipro, TCS saw its revenue growing at 1.1 per cent sequentially, while Infosys witnessed a decline of 2.2 per cent during this period.

For the whole fiscal (FY24), IT services revenue stood at $10.80 billion, which was a decline of 4.4 per cent YoY on constant currency basis.

The company guided its Q1 FY25 revenue to grow in the range of -1.5 per cent to 0.5 per cent. On the operating margin front, the company saw an improvement of margin by 40 basis points to 16.4 per cent in Q4. For the whole fiscal, margin stood at 16.1 per cent, an increase of 50 basis points over last year.

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