BENGALURU: Wipro on Friday posted a 8% decrease in its consolidated net profit for the March quarter at Rs 2,835 crore compared to Rs 3,074 crore in the year-ago period.
The company's revenue in Q4 stood at Rs 22,208 crore, a 4% decline from Rs 23,190 crore it posted in the same quarter last year.
Srini Pallia, CEO and Managing Director, Wipro, said, “FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. However, I am optimistic about the opportunities that lie ahead. We are on the brink of a major technological shift. Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value."
The IT major expects revenue from its IT Services business segment to be in the range of $2,617 million to $2,670 million in the June quarter. This translates to sequential guidance of (-)1.5% to +0.5% in constant currency terms.
Wipro's IT services operating margin for the quarter was at 16.4%, up by 40 bps QoQ. In FY 24, the company's large deal bookings stood at $4.6 billion, a YoY increase of 17.4%.
Aparna Iyer, Chief Financial Officer, Wipro, said, “We expanded our margins by 40 basis points during the quarter resulting in EPS growth of 5.2% QoQ in Q4. Despite a challenging macro-environment our IT services margin expanded by 50 basis points for the full year FY24. We generated the highest operating cash flow in recent years which is 183% of our net income in Q4 and 159% on a year-on-year basis.”
