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Q4 results: India's IT services biggies fail to meet expectations

Wipro net dips 0.4% in Q4, guides for revenue contraction in current quarter

it services

In terms of performance, analysts are hopeful on TCS, as it has the capacity to perform better when discretionary spends rebound

Shivani ShindeSourabh Lele Mumbai/New Delhi

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India’s fourth largest IT services player, Wipro, said it expects revenue to contract in the first quarter of financial year 2023-24 (FY24). It guided for a revenue contraction of 1-3 per cent in constant currency.

Wipro does not provide revenue guidance for the full fiscal. The company reported net profit of Rs 3,074.5 crore in Q4FY23, a dip of 0.41 per cent year-on-year (YoY), and sequentially PAT was flat with a growth of 0.7 per cent.

At Rs 23,190 crore, revenue rose 11.1 per cent YoY in Q4, but was down 0.16 per cent sequentially.

Wipro missed Bloomberg estimates on

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First Published: Apr 27 2023 | 9:36 PM IST

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