IT service company Wipro on Friday reported a 7.8 per cent year-on-year decline in its consolidated net profit for the March quarter to about ₹2,834.6 crore, and Pallia said he is 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,” he said, adding Wipro has the capabilities, leadership, and strength of over 230,000 Wipro-ites around the world to help the company realise its 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,” he said.
IT services margin expands
Aparna Iyer, Chief Financial Officer, said: “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 per cent of our net- income in Q4 and 159 per cent on a full year basis.”
Wipro’s headcount fell to 2,34,054 as on March 2024, 9.1 per cent lower than the year-ago period.
Pallia outlined focus areas for the company that includes accelerating large deal momentum, and strengthening relationship with large clients and partners, amongst others.
On Thursday Infosys disappointed with its forecast of a 1-3 per cent annual revenue growth for FY25, raising concerns that the global macroeconomic uncertainty continues to weigh in on client decisions and discretionary spends.
The Bengaluru-headquartered company, which recently saw a change of guard with Srinivas Pallia taking over at the helm as the new Chief Executive Officer, has given an IT Services revenue growth guidance in the (-)1.5 per cent to +0.5 per cent band for the June quarter on a constant currency b