Wipro net profit dips 8 pc to Rs Rs 2,835 crore in Jan-March quarter

IT software major Wipro on Friday reported an 8 per cent net profit of Rs 2,835 crore for the Jan-March quarter of 2023-24 compared to the corresponding figure of Rs 3,074.5 crore in the same period last year.

The company’s revenue fell 4.2 per cent to Rs 22,208.3 crore in the three months ended March 31, according to a stock exchange filing. The Bengaluru-based company had reported a consolidated revenue of Rs 23,190.3 crore in the same quarter a year ago.

The IT services segment revenue of the company came in at $2,657.4 million, an increase of 0.1 per cent sequentially and a decrease of 6.4 per cent from a year earlier.

Data released on Friday indicates that voluntary attrition stood at 14.2 per cent with IT major seeing its headcount shrink by 6,180 employees in Q4FY24 and by 24,516 on a full-year basis.

For the quarter ending June 30, the company has guided for a sequential revenue of (-)1.5 per cent to 0.5 per cent in constant currency terms.

Wipro CEO Srini Pallia, said 2023-24 proved to be a challenging year for the IT industry, and the macroeconomic environment remains uncertain.

“However, I am optimistic about the opportunities that lie ahead.”

Pallia said the company is on its way to a major technological shift with Artificial intelligence transforming the needs of its clients “as they seek to harness its power for competitive advantage and enhanced business value.”

“We have the capabilities, leadership, and the strength of over 2,30,000 Wiproites around the world to help us realise 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,” Pallia added.

Srinivas Pallia has just taken over the reins of the company this month after his predecessor Thierry Delaporte abruptly resigned as its CEO amid reports that the Wipro promoters were not happy with his performance.