Wipro's CEO Srini Pallia remarked that the financial year 2023-24 posed significant challenges for the IT industry, following the announcement of the company's fourth-quarter results for FY24.
Pallia, who recently assumed the role of CEO, highlighted the uncertain macroeconomic conditions and acknowledged the tough year the industry endured. Despite this, he expressed optimism about the future, pointing to the impending technological advancements, particularly in artificial intelligence.
"We are on the brink of a major technological shift. Artificial intelligence is transforming our client’s needs as they seek to harness its power for competitive advantage and enhanced business value," Pallia added.
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. Revenue from operations also witnessed a downturn, with a 4% year-on-year decrease to Rs 22,208 crore.
However, Pallia expressed confidence in Wipro's employees, stating that the company was prepared to face challenges head-on.
"At Wipro, we have been gearing up for this moment. We have the capabilities, leadership, and 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," he said.
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, translating to a sequential guidance of -1.5% to -0.5% in constant currency terms.
