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Wipro Q4 results: Net profit falls 8% to Rs 2,835 crore, beats estimates

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Wipro Ltd said net profit fell 8 percent to Rs 2,835 crore for the fiscal fourth quarter, beating estimates. The company reported a profit of  Rs 3,074.5 crore in the year-ago period.

The software services company's revenue fell to Rs 22,208.3 crore in the three months ended March 31, according to an exchange filing on April 19. It reported consolidated revenue of Rs 23,190.3 crore in the year-ago period.

Analysts projected a profit of Rs 2,748 crore on revenue of Rs 22,117 crore, based on an average of 13 brokerage estimates.

IT services segment revenue was at $2,657.4 million, an increase of 0.1% sequentially and a decrease of 6.4% from a year earlier.

For the quarter ending June 30, the company has guided for a sequential revenue of (-)1.5 percent to 0.5 percent in constant currency terms.

On April 19, Wipro's shares on BSE closed 1.74% higher at Rs 452.1 apiece.

Srini Pallia, the new CEO and managing director 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."

Pallia further said the company is 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."

Pallia said Wipro has been gearing up for this moment. "We have the capabilities, leadership, and the strength of over 2,30,000 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.”

This is the first time that Wipro is reporting under its new chief executive officer Srinivas Pallia. On April 6, the then-CEO Thierry Delaporte abruptly resigned, paving the way for Pallia to helm the top role.

Delaporte resigned a year earlier than his scheduled term, after reports that promoters were unhappy with his performance and that he might not get an extension for his tenure next year.

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