Wipro Q4 Results: Net Profit Dips 8%; Rishad Premji Reappointed As Executive Chairman For 5 Years

Wipro Q4 Results: Revenue from operations also saw a decline, falling 4.2 per cent YoY to Rs 22,208.3 crore

Wipro Q4 Results: India’s one of the leading IT services company, Wipro, announced a 7.8 per cent year-on-year (YoY) drop in consolidated net profit for the March quarter (Q4). The company's net profit dropped to Rs 2,834.6 crore compared to Rs 3,074.5 crore in the same quarter last year. Wipro’s revenue from operations also saw a decline, falling 4.2 per cent YoY to Rs 22,208.3 crore, according to an exchange filing.

Wipro provided guidance for the April-June quarter, expecting IT services revenue to decrease by 1.5 per cent or increase by 0.5 per cent in constant currency. The company also projected its revenue from its IT services business. "We expect revenue from our IT services business segment to be in the range of $2,617 million to $2,670 million," the company said in its outlook for the first quarter of 2024-25.

For the full fiscal year FY24, revenue from operations stood at Rs 89,760.3 crore, a decrease of 0.8 per cent from the previous fiscal year. Net profit for the year dropped by 2.6 per cent to Rs 11,045.2 crore.

Srini Pallia, Wipro's new CEO and Managing Director, acknowledged the challenges faced by the industry in FY24 due to an uncertain macroeconomic environment. However, Pallia expressed optimism about the future, highlighting the impact of artificial intelligence on clients' needs and potential opportunities for competitive advantage and enhanced business value.

"Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value.” Pallia added.

The board has approved the reappointment of Rishad Premji as Executive Chairman for five years, effective from July 31, 2024, to July 30, 2029. Additionally, Azim H. Premji was reappointed as Non-Executive, Non-Independent Director for the same term.

Wipro's shares closed at Rs 452.85 on Friday, just ahead of the company's financial results release.