Wipro: In the fourth quarter of FY24, Wipro recorded a net profit of Rs 2,858.2 crore, indicating a 7.6% decline from Rs 3,093.5 crore during a similar period in the year prior.
In Q4 FY24, the IT major’s revenue from operations amounted to Rs 22,208.3 crore, reflecting a 4.2% decrease from Rs 23,190.3 crore in Q4 FY23.
In FY24, Wipro experienced a 3.8% year-on-year decline in revenue from IT services, totaling $10,805.3 million.
In the fourth quarter of FY24, Wipro’s total bookings dropped by 14% year-over-year to$3.6 billion (valuated in constant currency). Nonetheless, the total contract value of large deals reached $1.2 billion in constant currency terms, marking a 9.5% year-over-year increase.
Our industry faced significant challenges in FY24, and the macroeconomic landscape remains uncertain. Nevertheless, I am hopeful about the opportunities ahead. We stand at the cusp of a significant technological transformation. Artificial intelligence is reshaping our clients’ requirements as they aim to leverage its potential for a competitive edge and increased business value. At Wipro, we have been preparing for this juncture, remarked Srini Pallia, CEO and Managing Director of the company.
We anticipate that revenue from our IT Services business segment will fall within the range of $2,617 million.
“Wipro stated that this translates to sequential guidance of (-)1.5% to +0.5% in constant currency terms.
In FY24, the company recorded its highest revenue among sectors in the banking, financial services, and insurance segment, amounting to 33.4%, marking a decrease of 160 basis points from 35% in FY23.
Wipro’s board has sanctioned an interim dividend of Rs 1 per share, previously announced during its meeting on January 12th, 2024, which will serve as the final dividend for the financial year 2023-24.
“In the ordinary course of business, we may divest a portion of our business that is not deemed strategic. To present comparable growth rates, we adjust the reported and constant currency growth rates to account for these divestments,” stated Wipro in a statement.
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Additionally, the headcount of the mass recruiter decreased to 234,054 in FY24, marking a decline of 9.5% from 258,570 in FY23. Sequentially, it remained flat.
