Mumbai: IT company Wipro Ltd on Friday announced a drop of 8 percent in its net profit for the fiscal fourth quarter ending March 31, 2024, amounting to Rs 2,835 crore, surpassing expectations.
This compares to a profit of Rs 3,074.5 crore in the corresponding period last year.
According to an exchange filing on April 19, the company's revenue for the quarter stood at Rs 22,208.3 crore, down from Rs 23,190.3 crore in the same period last year.
In terms of the IT services segment, revenue reached $2,657.4 million, marking a marginal sequential increase of 0.1% but a year-on-year decrease of 6.4%.
Looking ahead to the quarter ending June 30, Wipro anticipates a sequential revenue decline ranging from -1.5% to 0.5% in constant currency terms.
Constant currency is a term used in financial reporting to remove the effects of fluctuations in exchange rates when comparing financial performance across different periods. It helps businesses isolate the underlying performance of the business from these currency fluctuations.
This marks Wipro's inaugural financial reporting under the leadership of its new CEO, Srinivas Pallia. Following the sudden resignation of then-CEO Thierry Delaporte on April 6, Pallia assumed the top position.
Delaporte's departure came ahead of schedule, a year earlier than planned, amidst speculation that company stakeholders were dissatisfied with his performance and that his tenure might not be extended next year.
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