Wipro Announces Results for the Quarter and Year ended March 31, 2024

East Brunswick, N.J., United States & Bangalore, Karnataka, India:

• IT services segment operating margin increases 40 bps QoQ.
• Net income increases 5.2% QoQ.
• FY 24 Large deal bookings at $4.6 billion, a YoY increase of 17.4%.
• Operating cash flows at 158.6% of net income for the year.

Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2024.

Highlights of the Results

Results for the Quarter ended March 31, 2024: Gross revenue reached Rs 222.1 billion ($2.7 billion¹), flat QoQ.

1. IT services segment revenue was at $2,657.4 million, an increase of 0.1% QoQ and decrease of 6.4% YoY.
2. Non-GAAP² constant currency IT Services segment revenue decreased 0.3% QoQ, and 6.6% YoY.
3. Total bookings³ was at $3.6 billion. Large deal bookings⁴ was at $1.2 billion, increase of 31.1% QoQ and 9.5% YoY.
4. IT services operating margin⁵ for the quarter was at 16.4%, up by 40 bps QoQ.
5. Net income for the quarter was at Rs 28.3 billion ($341.0 million¹), an increase of 5.2% QoQ.
6. Earnings per share for the quarter was at Rs 5.43 ($0.07¹), an increase of 5.2% QoQ.
7. Operating cash flows of Rs 52.2 billion ($626.1 million¹), an increase of 9.0% QoQ and at 182.6% of Net Income for the quarter.
8. Voluntary attrition was at 14.2% on a trailing 12-month basis.

Results for the Year ended March 31, 2024: Gross revenue reached Rs 897.6 billion ($10.8 billion¹), a decrease of 0.8% YoY.

1. IT services segment revenue was at $10,805.3 million, a decrease of 3.8% YoY.
2. Non-GAAP² constant currency IT Services segment revenue decreased 4.4% YoY.
3. Large deal bookings⁴ was at $4.6 billion, up by 17.4% YoY. Total bookings³ was at $14.9 billion decrease of 5.5% YoY.
4. IT services operating margin⁵ for the year was at 16.1%, up by 50 bps YoY.
5. Net income for the year was at Rs 110.5 billion ($1,325.3 million¹), a decrease of 2.7% YoY.
6. Earnings per share for the year was at Rs 20.89 ($0.25¹), an increase of 0.8% YoY.
7. Operating cash flows of Rs 176.2 billion ($2,114.0 million¹), an increase of 34.9% YoY and at 158.6% of Net Income for the year.

Outlook for the Quarter ending June 30, 2024

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.

* Outlook for the Quarter ending June 30, 2024, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.08, AUD/USD at 0.66, USD/INR at 83.19 and CAD/USD at 0.74

Performance for the Quarter and Year ended March 31, 2024

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.”

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.”