Wipro Q4 Net Profit Falls 7.8% To Rs 2,835 Crore

New Delhi: IT service company Wipro on Friday reported a 7.8 percent year-on-year decline in its consolidated net profit for the March quarter to about Rs 2834.6 crore, and cautioned that the macroeconomic environment remains “uncertain”.

The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new Chief Executive Officer, has given IT Services revenue growth guidance in the (-)1.5 percent to +0.5 percent band for the June quarter on a constant currency basis. (Also Read: Mark Zuckerberg In Beard? Check Truth Behind Viral Photo)

While the numbers were in line with the analysts’ estimates, the guidance of the company was below industry expectations. (Also Read: Want To Start Business But Short On Funds? Pitch Your Idea To THIS Billionaire And Get Funding)

Wipro also recorded one of the highest declines of 24,516 in the headcount on a year-on-year basis to 2,34,054 during the just-ended fiscal year which it attributed to weak demand environment and push for operational efficiency in the company.

Pallia asserted that the immediate priority for the company is to “accelerate growth” as he spelled out clear focus areas for the IT services firm, which has been lagging behind peers on performance and operational metrics quarter after quarter.

For the Q4FY24, Wipro’s revenue from operations slipped 4.2 percent year-on-year to Rs 22,208.3 crore.

“We expect revenue from our IT Services business segment to be in the range of USD 2,617 million to USD 2,670 million. This translates to sequential guidance of (-)1.5 percent to +0.5 percent in constant currency terms,” the company said in its forecast for Q1FY25.

For the full year FY24, the revenue from operations came in at Rs 89,760.3 crore, almost 0.8 percent lower than the previous fiscal. The net profit fell to Rs 11045.2 crore, down 2.6 percent over the previous fiscal.