Wipro Q4 results: Net profit drops 8% to Rs 2,835 cr, revenue down 4.2%

Wipro's shares closed at Rs 452.85 on Friday ahead of its financial results

Wipro Ltd on Friday reported a net profit of Rs 2,835 crore for the January-March quarter of financial year 2023-24 (Q4FY24). This was a 7.9 per cent decrease from Rs 3,074.5 crore reported during the same period last year (Q4FY23).

Revenue for the fourth quarter was Rs 22,208.3 crore, 4.2 per cent down from Rs 23,190.3 crore reported in Q4FY23.

Sequentially, Wipro's net profit went up marginally by 5 per cent from Rs 2,694 crore in the previous quarter (Q3FY24). Revenue was up 1.3 per cent from Rs 22,205 crore reported in Q3FY24.

The IT services segment revenue for Wipro was at $2,657.4 million, down 6.4 per cent from the same period last year. Sequentially there was a 0.1 per cent increase compared to the last quarter.

"We expect revenue from our IT services business segment to be in the range of $2,617 million to $2,670 million. This translates to sequential guidance of (-)1.5 per cent to +0.5 per cent in constant currency terms," the company said in its filing.

Speaking on the quarter and annual financial results, Srini Pallia, chief executive officer 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. 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. At Wipro, we have been gearing up for this moment."

In a separate company filing, Wipro announced the re-appointment of Rishad A Premji as whole-time director designated as executive chairman.

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