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View Promises →Wipro Limited — Q4 FY24
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.
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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.
विप्रो ने चौथी तिमाही में आईटी सेवाओं से 2,617 से 2,670 करोड़ डॉलर कमाई का अनुमान लगाया। पिछली तिमाही से कमाई में 0.1% का मामूली बढ़त हुई, लेकिन स्थिर मुद्रा में 0.3% गिरावट आई। पूरे साल कमाई 3.8% घटी। कंपनी ने खर्चों पर नियंत्रण रखकर मुनाफा 16.4% तक बढ़ाया। बड़े ऑर्डर मजबूत रहे - 1.2 अरब डॉलर के 18 बड़े सौदे जीते। कैपको ने 6.6% कमाई बढ़ाई। लेकिन अगली तिमाही का अनुमान कमजोर है - कमाई में 1.5% गिरावट से 0.5% बढ़त तक। नए सीईओ ने पांच प्राथमिकताएं बताईं: बड़े सौदे बढ़ाना, ग्राहक संबंध मजबूत करना, एआई से जुड़े समाधान देना, एआई-तैयार कर्मचारी बनाना और काम करने का तरीका सरल करना। चुनौती: ऑर्डर तो मिल रहे हैं, लेकिन कमाई में बदलना मुश्किल है क्योंकि मांग कमजोर है।
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Weak discretionary spending environment
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Large Deal Bookings TCV
$1.2B
+$0.1B QoQ
Won 18 large deals in Q4, up from 14 in Q3. Full-year large deal TCV was $4.6B, up 17.4% YoY.
Capco Sequential Revenue Growth
6.6%
+6.6pp QoQ
Capco's revenue grew 6.6% sequentially in Q4, with order bookings up 43.6%, signaling green shoots in BFSI consulting.
IT Services Margin
16.4%
+40bps QoQ
Operating margin expanded 40bps sequentially to 16.4% in Q4, after absorbing two months of salary increases.
Free Cash Flow as % of Net Income
182.6%
+23.6pp QoQ
Q4 free cash flow was $626M, representing 182.6% of net income, the highest in recent years.
What Changed vs Last Quarter
UPDATED
Q1 FY25 Revenue Guidance: -1.5% to +0.5% sequential constant currency
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.
UPDATED
Margins expected to remain range-bound
Management expects margins to stay within a narrow band similar to recent quarters, with no specific target provided.
DROPPED
Expect rebound in coming quarters after Q3
Management sees strong deal backlog and pipeline, expecting growth improvement as market stabilizes.
NEW RISK
Weak discretionary spending environment
Persistent macroeconomic uncertainty continues to weigh on discretionary IT spending, leading to slower conversion of order book to revenue and muted near-term growth.
NEW RISK
Headcount decline and potential growth constraints
Headcount declined ~10% YoY with utilization at 84.8%. While management cites ability to ramp up, rapid demand recovery could strain capacity.
RISK GONE
Revenue decline in Europe and Americas Two
Europe declined 5% QoQ and Americas Two declined 2.3% QoQ, driven by financial services and manufacturing slowdown.
RISK GONE
Margin pressure from wage hikes and furloughs in Q3
Wage hikes effective December and seasonal furloughs will pressure margins; management only expects range-bound performance.
RISK GONE
Growth lagging peers despite strong deal wins
Analyst noted Wipro's organic growth is among the lowest in the industry; management attributes to portfolio mix and transformation focus.
🤫 Topics management stopped discussing
Mentioned in Q1 FY24, Q2 FY24, Q3 FY24
Management guided sequential constant currency revenue growth of 2%-4% for Q4 FY24.
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Guidance and risk preview
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.
Persistent macroeconomic uncertainty continues to weigh on discretionary IT spending, leading to slower conversion of order book to revenue and mut...
View Risks →