Wipro Q4 results out: Here are highlights of the March quarter earnings

Wipro Q4 Financial Results Live Update at 4:46 pm: Highlights of strategic deal wins

• A multinational healthcare and insurance organization has selected Wipro to transform its technology-enabled health services business to increase adoption of value-based care and enhance member experience.

• The IT firm was selected by a US-based health information technology company to scale their release of medical information business that covers over 2,000 hospitals and 15,000 clinics in the country.

• A major US-based health insurance provider for government-sponsored health programs selected the IT major as its technology and operations transformation partner.

• A leading US-based telecom wireless operator has selected Wipro as a strategic partner to provide managed services and overhaul the client’s IT and digital operations.

• A large omnichannel lifestyle retailer in Brazil has awarded Wipro a multi-year deal to modernize and transform its operations to support its strong growth ambitions.

• A US-based multinational department store has selected Wipro to develop an automation framework that will help the client streamline and improve its business processes and systems.

• A leading US-based technology company has selected Wipro to provide integrity and labelling services for its platforms and tools.

• A US-based regional bank has selected Wipro to deliver a multi-faceted transformation across their ecosystem.

• An American bank has selected Wipro to setup a near shore bi-lingual alert monitoring unit to enhance their anti-money laundering operations.

• A US-based bank and financial services company has selected Wipro to digitally transform their business.

• Wipro was selected by a Singapore government agency for its finance digitization and cloud transformation program.

• A European-based bicycle manufacturer selected Wipro to manage their entire integrated IT landscape.

• A German global automotive parts manufacturer selected Wipro to transform their IT backend systems into a hybrid cloud-based solution.

• A global insurance broker has selected Wipro to unify and scale its business. Wipro will digitize and streamline the client’s bid, product, and onboarding processes across multiple geographies.

Wipro Q4 Financial Results Live Update at 4:33 pm: Aparna Iyer, Chief Financial Officer, said "We expanded our margins by 40 basis points during the quarter resulting in EPS growth of 5.2% QoQ in Q4. Despite a challenging macro-environment our IT services margin expanded by 50 basis points for the full year FY24. We generated highest operating cash flow in recent years which is at 183% of our net- income in Q4 and 159% on a full year basis".

Wipro Q4 Financial Results Live Update at 4:28 pm: Operating cash flows was at 158.6% of net income for the year

Wipro Q4 Financial Results Live Update at 4:26 pm: Srini Pallia, CEO and Managing Director, 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. At Wipro, we have been gearing up for this moment. We have the capabilities, leadership, and the strength of over 230,000 Wiproites around the world to help us realize 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".

Wipro Q4 Financial Results Live Update at 4:24 pm: Outlook for Q1 FY25

The company said that it expects revenue from its 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.

Wipro Q4 Financial Results Live Update at 4:22 pm: Highlights of FY24 results

• Gross revenue reached ₹897.6 billion ($10.8 billion), a decrease of 0.8% YoY.
• IT services segment revenue was at $10,805.3 million, a decrease of 3.8% YoY.
• Non-GAAP constant currency IT Services segment revenue decreased 4.4% YoY.
• Large deal bookings was at $4.6 billion, up by 17.4% YoY. Total bookings3 was at $14.9 billion decrease of 5.5% YoY.
• IT services operating margin for the year was at 16.1%, up by 50 bps YoY.
• Net income for the year was at ₹110.5 billion ($1,325.3 million), a decrease of 2.7% YoY.
• Earnings per share for the year was at ₹20.89 ($0.251), an increase of 0.8% YoY.
• Operating cash flows of ₹176.2 billion ($2,114.0 million), an increase of 34.9% YoY and at 158.6% of Net Income for the year.

Wipro Q4 Financial Results Live Update at 4:19 pm: Highlights of Q4 FY24 results

• Gross revenue reached ₹222.1 billion ($2.7 billion) flat QoQ.
• IT services segment revenue was at $2,657.4 million, an increase of 0.1% QoQ and decrease of 6.4% YoY.
• Non-GAAP constant currency IT Services segment revenue decreased 0.3% QoQ, and 6.6% YoY.
• Total bookings was at $3.6 billion. Large deal bookings was at $1.2 billion, increase of 31.1% QoQ and 9.5% YoY.
• IT services operating margin for the quarter was at 16.4%, up by 40 bps QoQ.
• Net income for the quarter was at ₹28.3 billion ($341.0 million), an increase of 5.2% QoQ.
• Earnings per share for the quarter was at ₹5.43 ($0.07), an increase of 5.2% QoQ.
• Operating cash flows of ₹52.2 billion ($626.1 million), an increase of 9.0% QoQ and at 182.6% of Net Income for the quarter.
• Voluntary attrition was at 14.2% on a trailing 12-month basis.

Wipro Q4 Financial Results Live Update at 4:16 pm: Wipro's Board has approved re-appointment of Azim Premji as non-executive, non-independent director for a period of 5 years with effect from July 31, 2024 to July 30, 2029.

Wipro Q4 Financial Results Live Update at 4:14 pm: Wipro's Board has approved re-appointment of Rishad Premji as whole-time director designated as executive chairman for a period of 5 years with effect from July 31, 2024 to July 30, 2029.

Wipro Q4 Financial Results Live Update at 4:11 pm: The interim dividend of ₹1 has been declared by Wipro's board.

Wipro Q4 Financial Results Live Update at 4:02 pm: Revenue from operations declined 4% YoY to ₹22,208 against ₹23,190 in the same period last year.

Wipro Q4 Financial Results Live Update at 3:52 pm: Indian IT major Wipro reported a 5.8% quarter-on-quarter (QoQ) rise in Q4 net profit to ₹2,858 crore. In Q3 FY24, the new revenue was ₹2,700 crore. Read more.

Wipro Q4 Financial Results Live Update at 3:44 pm: SENSEX rebounded 599.34 points to settle at 73,088.33 on Friday, while NIFTY50 climbed 151.15 points to 22,147.

Wipro Q4 Financial Results Live Update at 3:32 pm: Wipro shares closed with gains of 1.74% or ₹7.75 at ₹452.10 on the National Stock Exchange (NSE). Intraday, the stock hit a high of ₹453.90.

Wipro Q4 Financial Results Live Update at 3:22 pm: To watch webcast of the press conference by Wipro management at 4:45 pm, click here.

Wipro Q4 Financial Results Live Update at 2:45 pm: After Tata Consultancy Services (TCS) and Infosys, Wipro will declare its Q4 results on April 19. According to experts, the IT firm's net profit in the March quarter is expected to fall by 8%-10% to ₹2,778 crore-₹2,829 crore. The revenue is also likely to have declined 4%-5% during Q4 FY24, according to News18.

Wipro Q4 Financial Results Live Update at 2:18 pm: Shares of Wipro rose more than 1.6% to ₹451.70. Intraday, the stock hit a high of ₹453.65 on the NSE.

Wipro Q4 Financial Results Live Update at 1:53 pm: According to a_ CNBC-TV18_ poll, the IT company's US dollar revenue is expected to witness a marginal decline.

Wipro Q4 Financial Results Live Update at 1:38 pm: Wipro Ltd is likely to guide for 0%-2% revenue growth in Q1 FY2025, according to a CNBC-TV18 poll.

Wipro Q4 Financial Results Live Update at 1:20 pm: Shares of Wipro Limited were trading at ₹447, up 0.60%, on the NSE.

Wipro Q4 Financial Results Live Update at 12:36 pm: Earlier this month, Thierry Delaporte resigned as the CEO of Wipro. Srinivas Palia, the CEO of the company’s Americas 1 region, will succeed him.

Wipro Q4 Financial Results Live Update at 12:15 pm: Things to watch out for in Q4 FY24 results

• Revenue, EBIT margin
• Dividend
• Deal wins
• Wage hike and attrition

Wipro Q4 Financial Results Live Update at 11:51 am: Shares of Wipro Limited were trading at ₹444, down 0.05%, on the NSE. Intraday, the stock hit a high of ₹446.

Wipro Q4 Financial Results Live Update at 11:32 am: F&O strategy: How to trade in Wipro ahead of Q4 Fy24 results?

Wipro is presently trading at a critical juncture, close to its 200-day moving average as it approaches its Q4 results announcement. Moreover, options market data suggests a potential price fluctuation of ±5.2% leading up to the 25 April expiry. Read more.

Wipro Q4 Financial Results Live Update at 11:17 am: Except Persistent (+0.23%) and Wipro (+0.12%), all stocks in the NIFTY IT index trade in the red.

Wipro Q4 Financial Results Live Update at 11:04 am: The IT company will announce its March quarter earnings today

Wipro Q4 financial results today: Information technology company Wipro will announce its financial results for Q4 FY24 on Friday, April 19.

Wipro provides IT, consulting, and business process services. It is India's third largest IT services provider after Tata Consultancy Services (TCS) and Infosys. While TCS recorded a 9% YoY jump in net profit at ₹12,434 crore, Infosys posted a 30% YoY surge at ₹7,969 crore.

Other companies releasing Q4 results today are Jio Financial Services, KP Green Engineering, HDFC Asset Management Company, Hindustan Zinc, Amal Ltd, Elecon Engineering, Benares Hotels and Sejal Glass.