Earlier on Friday, Wipro shares ended at Rs 452.10 on the NSE and were up by Rs 7.75 or 1.74%. The quarterly earnings were announced after market hours and the company missed revenue estimates and offered softer guidance.
The profit figure was slightly below the ET Now Poll estimates of Rs 2,880 crore.
Revenue from operations in the reporting period also declined 4% YoY to Rs 22,208 crore, compared with Rs 23,190 crore in the corresponding period of last year.
Topline beat ET Now poll estimates of Rs 22,100 crore.
IT services segment revenue for the quarter came in at $2,657.4 million, which is flat quarter-on-quarter (QoQ) and a decrease of 6.4% YoY.Meanwhile, constant currency IT services revenue fell 0.3% QoQ, and 6.6% YoY.Wipro had booked deals worth $3.6 billion, with large deals coming in at $1.2 billion, an increase of 31% QoQ and 9.5% YoY.
“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,” said Srini Pallia, CEO and MD, Wipro.
Operating margins for the quarter stood at 16.4%, showing an expansion of 40 bps QoQ.
On the brink of a major technological shift with artificial intelligence transforming clients’ needs, Wipro said it has been gearing up for this moment.
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