Wipro Q4 results: The net profit of IT services company Wipro decreased by 8% year-on-year, amounting to Rs 2,835 crore for the quarter ending in March 2024. The profit in the previous year’s quarter was Rs 3,074 crore. Wipro’s revenue surpassed market expectations despite a 4.2% decline, said a Reuters report. The company’s consolidated revenue stood at 222.08 billion rupees ($2.66 billion) for the January-March quarter, outperforming analysts’ estimates of 221.51 billion rupees, according to LSEG data.The better-than-anticipated results were attributed to improved profit margins and a rebound in Wipro’s consulting business.
The Indian IT services sector has been facing challenges due to clients’ tightened budgets amidst persistent inflation and geopolitical uncertainties. Nasscom, an industry body, reported that overall revenue growth in the previous financial year had more than halved to 3.8%. Wipro has also been affected by the exit of key executives, including CEO Thierry Delaporte, who stepped down earlier this month, and Stephanie Trautman, who was responsible for securing major contracts, in December.
Wipro’s results come on the heels of its competitors’ earnings reports. Infosys, another Bengaluru-based company, reported lower-than-expected revenue for the quarter just a day earlier. Similarly, market leader Tata Consultancy Services posted revenue below expectations a week ago, although the company expressed optimism about its strong deal pipeline driving growth in the current fiscal year.
The Indian IT services sector has been facing challenges due to clients’ tightened budgets amidst persistent inflation and geopolitical uncertainties. Nasscom, an industry body, reported that overall revenue growth in the previous financial year had more than halved to 3.8%. Wipro has also been affected by the exit of key executives, including CEO Thierry Delaporte, who stepped down earlier this month, and Stephanie Trautman, who was responsible for securing major contracts, in December.
Wipro’s results come on the heels of its competitors’ earnings reports. Infosys, another Bengaluru-based company, reported lower-than-expected revenue for the quarter just a day earlier. Similarly, market leader Tata Consultancy Services posted revenue below expectations a week ago, although the company expressed optimism about its strong deal pipeline driving growth in the current fiscal year.