Wipro Q4 FY2024: Revenue -4.23%, PAT -7.77%, EBIT Margin -5.87% YoY

Key Highlights

• Wipro reported a 4.23% decline in its revenue on a YOY basis reaching Rs 222,083 from Rs. 231,903.
• PAT marked at Rs. 2835 for Q4 FY2024, 7.77% down on a YOY basis.
• EBIT margin down by 5.87% on a YOY basis.

Business Highlights

• The company’s revenue from the IT services segment decreased by 6.4% on a YOY basis reaching $2,657.4 million.
• Wipro witnessed a 5.2% increase on a QoQ basis for Earnings per share.
• Operating cash flows were Rs. 52.2 billion, up by 9% on a quarterly basis.
• The company also reported a 14.2% voluntary attrition on a trailing 12-month basis.
• Wipro’s annual net income for FY2024 reduced by 2.7%, amounting to Rs. 110.5 billion.
• For the quarter ending June 2024, the company anticipates its revenue from the IT Services segment between $2,617 million to $2,670 million.

On the announcement of quarterly reports, Srini Pallia, CEO 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. We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realize our goals. Although there’s a considerable amount of work ahead of us, I am confident that together, with our collective effort, we can pave the way for the next chapter of growth.”