Wipro guides for revenue of -1.5% to 0.5% in Q1FY25

IT major Wipro has kept the revenue guidance to (-) 1.5 percent to 0.5 percent for the first quarter ending June 30, 2024 (Q1FY25).

In January, the Bengaluru-based firm adjusted its revenue growth guidance for the fourth quarter at both the lower and upper end to -1.5 percent to 0.5 percent.

This was after the company slashed the guidance to -3.5 percent to -1.5 percent in October.

“At the moment, it is a tough macroeconomic environment where our clients are also going through a very challenging time, we're staying close to them, we need to be partnering with them at this point,” said Aparna Iyer, the chief financial officer of Wipro.

Total bookings stood at $3.7 billion, with large deal bookings of $1.2 billion, higher than $3.79 billion and $909 million in the last quarter, respectively.

This is the first time that Wipro is reporting under its new Chief Executive Officer Srinivas Pallia. On April 6, the then-CEO Thierry Delaporte abruptly resigned, paving the way for Pallia to helm the top role.

Delaporte resigned a year earlier than his scheduled term, after reports that promoters were unhappy with his performance and that he might not get an extension for his tenure next year.

Wipro's net profit fell 8 percent to Rs 2,835 crore for the fiscal fourth quarter, beating estimates. The company reported a profit of  Rs 3,074.5 crore in the year-ago period.

The software services company's revenue fell to Rs 22,208.3 crore in the three months ended March 31, according to an exchange filing on April 19. It reported consolidated revenue of Rs 23,190.3 crore in the year-ago period.

Wipro beat both bottomline and topline analyst estimates of Rs 2,748 crore on Rs 22,117 crore, respectively.