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View Promises →Wipro Limited — Q4 FY25
Wipro's Q4 FY25 IT services revenue declined 1.2% YoY in constant currency to $2.6B, with operating margins expanding 110bps YoY to 17.5%.
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Wipro's Q4 FY25 IT services revenue declined 1.2% YoY in constant currency to $2.6B, with operating margins expanding 110bps YoY to 17.5%. Full-year revenue fell 2.3% YoY to $10.51B, while margins improved 90bps to 17.1%. Large deal bookings remained strong at $4B in Q4, up 13.4% sequentially, and full-year large deal TCV grew 17.5% to $5.4B. However, management guided Q1 FY26 revenue down 1.5%-3.5% sequentially, citing heightened macroeconomic uncertainty from tariffs and client caution. Key risks include delayed decision-making on discretionary spend and potential margin pressure from cost-optimization deals. The company remains focused on its five strategic priorities: large accounts, large deals, AI-powered solutions, talent development, and client centricity.
विप्रो की चौथी तिमाही (जनवरी-मार्च 2025) में आईटी सेवाओं से कमाई पिछले साल की तुलना में 1.2% घटकर 2.6 अरब डॉलर रही। लेकिन कंपनी का मुनाफा बढ़ा - ऑपरेटिंग मार्जिन 17.5% हो गया, जो पिछले साल से 1.1% ज्यादा है। पूरे साल की कमाई 2.3% घटकर 10.51 अरब डॉलर रही, जबकि मार्जिन 17.1% पर पहुंच गया। बड़े सौदों की बुकिंग मजबूत रही - चौथी तिमाही में 4 अरब डॉलर के नए सौदे हुए, जो पिछली तिमाही से 13.4% ज्यादा हैं। हालांकि, कंपनी ने अगली तिमाही में कमाई 1.5% से 3.5% तक घटने का अनुमान जताया है। इसकी वजह टैरिफ और ग्राहकों की सावधानी से पैदा हुई अनिश्चितता है। कंपनी अब बड़े ग्राहकों, बड़े सौदों, AI-आधारित समाधानों और कर्मचारियों के विकास पर ध्यान दे रही है।
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Macroeconomic uncertainty from tariffs
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Large Deal TCV (Q4)
$1.8B
+13.4% QoQ
Closed 17 large deals in Q4, contributing to total TCV of $1.8B.
Full Year Large Deal TCV
$5.4B
+17.5% YoY
Closed 63 large deals in FY25, reflecting strong deal momentum.
Top 10 Clients YoY Growth (CC)
3.2%
+3.2% YoY
Top 10 clients grew 3.2% YoY in constant currency, outperforming overall revenue.
Capco Sequential Growth
6.5%
+6.5% QoQ
Capco grew 6.5% sequentially and 11.5% YoY, a standout performer.
What Changed vs Last Quarter
NEW
Q1 FY26 Revenue Guidance: -3.5% to -1.5% sequential decline in CC
Management expects IT services revenue between $2.505B and $2.557B, reflecting a sequential decline of 1.5% to 3.5% in constant currency.
NEW
Margins to be maintained in a narrow band
CFO stated endeavor to maintain operating margins in a narrow band in coming quarters, despite revenue headwinds.
NEW
Fresher hiring to continue but cautiously
CHRO indicated plans to continue campus hiring but will monitor environment to avoid over-hiring, as seen in past.
DROPPED
Q4 FY25 Revenue Guidance: -1% to +1% QoQ in constant currency
Management expects IT services revenue to be between $2.602B and $2.655B in constant currency terms for Q4.
DROPPED
Operating Margin to Stay in Narrow Band Around 17.5%
CFO stated confidence in sustaining margins in a narrow band around the current level for Q4.
DROPPED
Capital Allocation Policy: 70%+ Payout Ratio from FY26
Board approved cumulative payout of 70% or more of net income over a three-year block starting FY26, via dividends and buybacks.
DROPPED
Campus Hiring of 10,000-12,000 per Quarter Next Fiscal
CEO indicated plans to hire 10,000-12,000 freshers each quarter in the next fiscal year, alongside lateral hiring.
NEW RISK
Macroeconomic uncertainty from tariffs
Management cited tariff-related uncertainty as a key factor driving client caution, leading to pauses in large transformation programs and delayed decisions on discretionary spend.
NEW RISK
Potential margin pressure from cost-optimization deals
CFO acknowledged that cost-optimization deals, which form a significant part of the pipeline, could put pressure on margins, requiring offsetting measures.
NEW RISK
Slow ramp-up of large deals to revenue
Management noted that large deals have their own ramp-up timelines and may not contribute immediately to revenue, as seen with a recent European deal expected to ramp in later quarters.
NEW RISK
Decline in client count in lower revenue buckets
Number of clients in $1M-$100M buckets declined sequentially, attributed to weaker discretionary spend, which could signal reduced engagement breadth.
RISK GONE
Continued Weakness in EMR and Consumer Verticals
Energy, manufacturing, and resources declined 8.7% YoY; consumer grew only 0.4% YoY. These segments represent ~36-38% of revenue and may hinder consistent growth.
RISK GONE
Lumpy Large Deal Conversions
Large deal TCV was down sequentially, and management noted seasonal lumpiness. Conversion to revenue may be uneven.
RISK GONE
Europe and APMEA Softness Persisting
Europe degrew 4.6% YoY and APMEA degrew 8% YoY. Management acknowledged challenges in these regions despite pipeline rebuilding.
RISK GONE
Healthcare Budget Growth May Slow
CEO noted healthcare budgets may grow slower than in the past, which could impact a key growth driver.
🤫 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.
Mentioned in Q1 FY24, Q2 FY24, Q4 FY24
Management expects margins to stay within a narrow band similar to recent quarters, with no specific target provided.
Mentioned in Q2 FY25, Q3 FY25
Energy, manufacturing, and resources declined 8.7% YoY; consumer grew only 0.4% YoY. These segments represent ~36-38% of revenue and may hinder consistent growth.
Mentioned in Q1 FY25, Q3 FY25
Europe degrew 4.6% YoY and APMEA degrew 8% YoY. Management acknowledged challenges in these regions despite pipeline rebuilding.
Mentioned in Q2 FY25, Q3 FY25
CFO stated confidence in sustaining margins in a narrow band around the current level for Q4.
Fast read
Guidance and risk preview
Management expects IT services revenue between $2.505B and $2.557B, reflecting a sequential decline of 1.5% to 3.5% in constant currency.
Management cited tariff-related uncertainty as a key factor driving client caution, leading to pauses in large transformation programs and delayed...
View Risks →