The net profit of Wipro stands at Rs 2,858.2 crore in the Q4 for FY24, a fall of 7.6% compared to Rs 3,093.5 crore in the same quarter a year ago.

The IT- major’s revenue from operations stood at Rs 22,208.3 crore in Q4 FY24, down 4.2% from Rs 23,190.3 crore in Q4 FY23.

In FY24, Wipro’s revenue from IT services fell 3.8% year-on-year at $10,805.3 million.

Its total booking in the Q4 of FY24 fell 14% year-over-year to Rs $3.6 billion in constant currency terms. However, the total contract value of large deals stood at $1.2 billion in constant currency terms, an increase of 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. 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. At Wipro, we have been gearing up for this moment,” Srini Pallia, CEO and Managing Director of the company said.

“We expect revenue from our 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,” said Wipro in a statement.

In FY24, among sectors, the company clocked the highest revenue in the banking, financial services, and insurance segment at 33.4% but it was down 160 basis points from 35% in FY23.

Also, the company’s board approved an interim dividend of Rs 1 per share. It was declared by the board earlier at its meeting held on January 12th, 2024, which shall be considered as the final dividend for the financial year 2023-24, said Wipro.

In the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments to represent the comparable growth rates, said Wipro in a statement.

Further, the mass recruiter’s headcount came down to 2,34,054 in FY24, a fall of 9.5% from 2,58,570 in FY23. It was flat sequentially.