Tuesday, May 21 2024 | Time 04:14 Hrs(IST)
Business Economy

Mumbai, Apr 19 (UNI) IT major Wipro on Friday reported 7.80% year-on-year dip in consolidated net profit at Rs 2,834.6 crore for January-March quarter (Q4) of the financial year 2023-24.
The company had posted a profit of Rs 3,074.5 crore in the corresponding quarter of the preceding financial year 2022-23.
The company's revenue from operations also declined, albeit marginally, in the quarter ending March 31, 2024.
The IT company's revenue in Q4 of FY24 slipped 4.23% and stood at Rs 22,208.3 crore as against Rs 23,190.3 crore in the corresponding period of the previous financial year.
On a sequential basis, Wipro's profit in Q4 rose 5.21%.
Investors didn't appear to be disappointed from the company's quarterly earnings with the company stocks closing in green on the BSE.
Wipro shares were up 1.92% at Rs 452.85 apiece on the BSE at the close of the market hours on Friday.
In its outlook for the company Wipro said that it expects its revenue from the IT services business segment to be in the range of $2,617 million to $2,670 million.
"This translates to sequential guidance of (-)1.5% to +0.5% in constant currency terms," it said.
Speaking on the financial performance of the company, Wipro CEO and Managing Director Srini Pallia said, “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. Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value."
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