Bengaluru, Apr 19 (IANS): 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.
Wipro sees its employee strength fall by 6,180 in Q4 in 6th consecutive decline
IT bellwether Wipro saw its employee strength fall by 6,180 in the fourth quarter (Q4) of FY24, in the sixth consecutive quarter of decline for the company.
When it comes to the full year, the IT services major witnessed its headcount decline by 24,516.
The total headcount for Wipro stood at 234,054 for the last financial year, and the company’s attrition rate remained flat at 14.2 per cent.
"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," said Srini Pallia, CEO and Managing Director, Wipro.
"We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realise our goals," he added.
According to Aparna Iyer, Chief Financial Officer, the company generated the highest operating cash flow in recent years "which is at 183 per cent of our net income in Q4 and 159 per cent on a full-year basis".
The gross revenue reached Rs 222.1 billion ($2.7 billion), which was flat (quarter-on-quarter). The IT services segment revenue was at $2,657.4 million, an increase of 0.1 per cent QoQ and a decrease of 6.4 per cent YoY.