IT services segment revenue was at USD 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 USD 3.6 billion. Large deal bookings4 was at USD 1.2 billion, increase of 31.1% QoQ and 9.5% YoY.
IT services operating margin5 for the quarter was at 16.4%, up by 40 bps QoQ.
Net income for the quarter was at Rs 28.3 billion (USD 341.0 million), an increase of 5.2% QoQ.
Earnings per share for the quarter was at Rs 5.43 (USD 0.07), an increase of 5.2% QoQ.
Operating cash flows of Rs 52.2 billion (USD 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.
FY24 Financial Highlights:
Gross revenue reached Rs 897.6 billion (USD 10.8 billion ), a decrease of 0.8% YoY.
IT services segment revenue was at USD 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 USD 4.6 billion, up by 17.4% YoY. Total bookings was at USD 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 Rs 110.5 billion (USD 1,325.3 million), a decrease of 2.7% YoY.
Earnings per share for the year was at Rs 20.89 (USD 0.25), an increase of 0.8% YoY.
Operating cash flows of Rs 176.2 billion (USD 2,114.0 million), an increase of 34.9% YoY and at 158.6% of Net Income for the year.
Commenting on the results,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.”
Commenting on the results, 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 Q4FY24. 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 Q4FY24 and 159% on a full year basis.”