Wipro's net profit falls 8% to ₹2,835 crore in Q4
Wipro has reported an 8% decrease in net profit for the fourth quarter of FY24, with figures dropping to ₹2,835 crore from ₹3,074.5 crore during the same period last year. Despite this decline, the company's results exceeded expectations. The software services firm also saw a dip in revenue to ₹22,208.3 crore for the three months ending March 31, compared to ₹23,190.3 crore in the previous year's corresponding period.
Wipro's IT services segment revenue stood at $2,657.4 million
Interestingly, Wipro managed to surpass both bottom line and top line analyst estimates of ₹2,748 crore and ₹22,117 crore, respectively. The IT services segment revenue stood at $2,657.4 million, marking a slight sequential increase of 0.1%, but a decrease of 6.4% from the previous year. For the next quarter ending June 30, Wipro projects a sequential revenue change between -1.5% and 0.5% in constant currency terms.
Wipro's new CEO expresses optimism amid challenges
Despite the challenging fiscal year, Wipro's new CEO and managing director, Srinivas Pallia, expressed optimism about future opportunities. He stated: "Artificial intelligence is transforming our clients' needs as they seek to harness its power for competitive advantage and enhanced business value." Pallia emphasized that Wipro is preparing for a significant technological shift with over 230,000 employees worldwide ready to help realize their goals.
Leadership transition at Wipro amid financial performance
This is the first time Wipro has reported its financial results under the leadership of new CEO, who took over after former CEO Thierry Delaporte abruptly resigned on April 6. Delaporte's resignation came a year earlier than his scheduled term following reports of promoter dissatisfaction with his performance and speculation about his tenure not being extended next year. Today, Wipro's shares on BSE closed at an elevated rate of ₹452.1 apiece, up by 1.74%.
