CEO Srini Pallia acknowledged the tough macroeconomic conditions, stating, “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.” He emphasized the importance of artificial intelligence (AI) in transforming client needs for competitive advantage.Pallia highlighted Wipro’s preparedness for this transformational moment, stating, “We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realize our goals.”
CFO Aparna Iyer noted, “Despite a challenging macro-environment, our IT services margin expanded by 50 basis points (to 16.1 percent) for the full year FY24.” The company’s operating margin for Q4 was marginally up 10 basis points from the previous year to 16.4%.
In FY24, Wipro realized negative revenue growth of 3.8% YoY to ₹89,760 crore, with a net profit of ₹11,045 crore. The operating profit for the financial year was 16.1%, which shows the robustness of operations in the face of economic challenges.
Future outlook
The outlook of Wipro Company for the June quarter (Q1) presumes a modest revenue performance, which is expected to fall by 1.5% to 0.5% in constant currency terms. The organization is expected to overcome industry hurdles by means of AI and equipment improvement.
Strategic measures include diversifying its business mix and bear efficiency of operations that will benefit the company’s growth even under economic challenges. Irrespective of the difficulties, Wipro stays dedicated to developing innovation and continues to add value to business in the current digital era.
Operational metrics for Q4 showed that attrition had dropped by 520 basis points estimated at 14.2% compared to the trailing twelve month period in the same quarter, representing improved job stability. The company also mentioned a drop of 6,180 employees in Q4 and a decline of 24,516 in its headcount over the entire financial year.
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