Profit Falls 8% YoY To Rs 2,835 Crore, Attrition Steady At 14.2%; Know Guidance, PAT
The board approved the reappointment of Rishad A. Premji as Executive Chairman for a period of five years with effect from July 31, 2024, to July 30, 2029.
Wipro Q4 Results 2024: Wipro on 19th April reported a 7.8 per cent year-on-year drop in its consolidated net profit to Rs 2,834.6 crore for the March quarter. However reported a 5.2 per cent quarter-on-quarter increase in consolidated net profit for the January-March period.
The company’s revenue from operations was down 4.2 per cent on-year to Rs 22,208.3 crore, according to an exchange filing.The net profit (attributable to equity holders of the company) declined to Rs 2,834.6 crore in Q4FY24 from Rs 3,074.5 in the year-ago period, translating into a 7.8 per cent fall.
Wipro Q4 Results 2024: Attrition
Attrition at the company remained steady sequentially, at 14.2 per cent. The company’s headcount decreased by 6,180 employees for the quarter and by 24,516 for the full year.
Wipro Q4 Results 2024: Revenue
Full year FY24, the revenue from operations was at Rs 89,760.3 crore, which is 0.8 percent lower than the previous fiscal. The net profit fell by 2.6 per cent to Rs 11,045.2 crore over the previous fiscal.
Wipro Guidance For FY25
Wipro has given sequential guidance of (-) 1.5 per cent to +0.5 per cent in constant currency for IT services revenue, for the April-June quarter. The company said in its outlook for the first quarter of 2024-25, said that they expect revenue from the IT services business segment within the range of USD 2,617 million to USD 2,670 million.
Wipro Reappointments
The board approved the reappointment of Rishad A. Premji as Executive Chairman for a period of five years with effect from July 31, 2024, to July 30, 2029. It also approved reappointment of Azim H. Premji as Non-Executive, Non-Independent Director for a period of five years with effect from July 31, 2024, to July 30, 2029, according to a statutory filing.
The company reported its Q4 numbers after the resignation of its Chief Executive Officer (CEO) and managing director (MD) Thierry Delaporte. Srinivas Pallia will be Wipro’s new MD and CEO, as the company stated in a regulatory filing to the stock exchanges on April 6. Delaporte’s tenure as CEO was supposed to end in July 2025.
