Wipro Q4 net profit falls 7.8% to Rs 2,835 crore

Bengaluru: IT services company Wipro on Friday reported a 7.8 per cent year-on-year drop in its consolidated net profit to Rs 2,834.6 crore for the March quarter.

The company's revenue from operations was down 4.2 per cent on-year to Rs 22,208.3 crore, according to an exchange filing.

The net profit (attributable to equity holders of the company) declined to Rs 2,834.6 crore in Q4FY24 from Rs 3,074.5 in the year-ago period, translating into a 7.8 per cent fall.

For the April-June quarter, Wipro has given sequential guidance of (-) 1.5 per cent to +0.5 per cent in constant currency for IT services revenue.

"We expect revenue from our IT services business segment to be in the range of USD 2,617 million to USD 2,670 million," the company said in its outlook for the first quarter of 2024-25.

For the full year FY24, the revenue from operations came in at Rs 89,760.3 crore, almost 0.8 per cent lower than the previous fiscal. The net profit fell by 2.6 per cent to Rs 11,045.2 crore over the previous fiscal.

The board approved the reappointment of Rishad A. Premji as Executive Chairman for a period of five years with effect from July 31, 2024, to July 30, 2029. It also approved reappointment of Azim H. Premji as Non-Executive, Non-Independent Director for a period of five years with effect from July 31, 2024, to July 30, 2029, according to a statutory filing.