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

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