In the fourth quarter of FY24, Wipro, a leading IT services firm, reported a consolidated net profit of Rs 2835 crore, reflecting an 8% decline compared to the same quarter last year when it was Rs 3,074 crore. The company's revenue from operations also experienced 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.
In terms of IT services, Wipro's revenue for the quarter totaled $2,657.4 million, remaining stable quarter-on-quarter but showing a 6.4% decrease compared to the same period last year. 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.
Looking ahead, 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, translating to a sequential guidance of -1.5% to -0.5% in constant currency terms.
Srini Pallia, Wipro's new CEO and Managing Director, acknowledged the challenges faced by the industry in FY24 but expressed optimism about the opportunities ahead. He highlighted the transformative impact of artificial intelligence on clients' needs and emphasized the company's readiness to capitalize on these advancements for competitive advantage and enhanced business value.
