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\”About 80% of Wipro\’s revenue decline over 2QFY23-3QFY24 has come from BFSI alone. A return to growth in BFSI should therefore help stem the erosion,\” said JM Financial\’s Abhishek Kumar.
Wipro\’s board of directors has reappointed Azim H. Premji as Non-Executive, non-independent director of the company while re-appointing Rishad A. Premji as the whole-time director for a period of five years with effect from July 31, 2024, to July 30, 2029.
Wipro’s revenue from operations in the reporting period declined 4% YoY to Rs 22,208 crore, compared with Rs 23,190 crore in the corresponding period of last year.
Wipro Q4 Results: Wipro reported an 8% YoY decrease in net profit to Rs 2,835 crore for the quarter ended March 2024. PAT is slightly below estimates. Operating margins at 16.4%. Future outlook optimistic with a focus on AI transformation.
Wipro Share Price: Following disappointing Q4 results from Infosys, investor sentiment towards IT stocks soured, leading to pressure on Wipro shares. Wipro is slated to unveil its March quarter numbers post-market hours.
Q4 Results Today: Mixed Q4 earnings for IT sector with TCS outperforming and Infosys lagging. Awaited reports from companies like Wipro, Hindustan Zinc, Sejal Glass, and others will provide further insight into the sector\’s performance.
Wipro Q4 Results Preview: Wipro\’s consolidated revenue for the reporting quarter is expected to be flat sequentially and decline 4.3% YoY to Rs 22,185 crore, according to the average of estimates by 10 brokerage firms. However, cons net profit is likely to rise by nearly 4% sequentially, but decline a sharp 9% YoY to Rs 2,799 crore
Indian IT stocks decline, affecting benchmarks. Concerns over US Fed rates and IT demand recovery persist. Infosys\’ guidance for FY25 awaited. Market cautious pre-results, with Nifty IT Index closing below 200 EMA.
Most domestic high-frequency indicators have trended higher during the quarter, which could translate into good demand momentum for the domestic corporate segment.
ChrysCapital, the largest homegrown PE fund, is looking to sell GeBBS Healthcare Solutions, about six years after acquiring the Los Angelesbased healthcare business process outsourcing (BPO) company, said multiple people aware of the development. A potential deal is likely to value GeBBS at $800 million to $1 billion, the people said.
Q4 results: Apart from the IT majors Wipro and Infosys, leading financial companies HDFC Bank and Jio Financial will also report their quarterly earnings during the week.
Banks spending more on technology to meet regulatory mandates, companies upgrading SAP systems and a broader increase in technology spending after US elections due in November are some of the factors that have raised demand recovery prospects for India’s $245 billion-plus IT services sector next year.