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Revenue
₹22,208 Cr
verified against source
Revenue YoY
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reported change
EBITDA
Pending
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Quarter read
What the record says.
Wipro reported Q4 FY24 IT services revenue of $2.617-2.670 billion (guidance range), with sequential growth of 0.1% in reported currency and -0.3% in constant currency. Full-year revenue declined 3.8% YoY in reported terms. EBITDA margin expanded 40bps QoQ to 16.4%, driven by operational rigor. Large deal bookings were strong at $1.2 billion TCV in Q4, with 18 large deals won. Capco showed encouraging green shoots with 6.6% sequential revenue growth and 43.6% order booking growth. However, Q1 FY25 guidance is muted at -1.5% to +0.5% constant currency growth, reflecting persistent macroeconomic uncertainty and soft discretionary spending. New CEO Srini Pallia outlined five priorities: accelerate large deals, strengthen client relationships, focus on industry-specific AI-infused solutions, build AI-ready talent, and simplify operating model. Key risk: conversion of strong order book to revenue remains challenged by ongoing demand softness and ramp-downs.
Colored figures show movement against the previous available record.
Guidance to track
- IT services revenue expected between $2.617B and $2.670B, implying a sequential decline of 1.5% to growth of 0.5% in constant currency.
- Management expects margins to stay within a narrow band similar to recent quarters, with no specific target provided.
Risks flagged
- Persistent macroeconomic uncertainty continues to weigh on discretionary IT spending, leading to slower conversion of order book to revenue and muted near-term growth.
- Despite strong large deal bookings, revenue conversion is hampered by ramp-downs and slower project starts, as highlighted by CFO Aparna Iyer in response to analyst questions.
- Headcount declined ~10% YoY with utilization at 84.8%. While management cites ability to ramp up, rapid demand recovery could strain capacity.
Key quotes
- Our immediate priority is to accelerate growth.
- We are seeing green shoots in our consulting business.
- The overall demand environment, we don't see a material change.
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