Wipro shares gain post-Q4 results; what should investors do with the IT stock?

Wipro share price today, Wipro share price target, Wipro Q4 FY24 results: Wipro shares remained on focus on Monday, April 22 after the Bengaluru-based IT major reported a consolidated net profit of Rs 2,834.6 crore for the quarter ended March 31, a 5.2 per cent increase compared with the previous quarter on Friday post market hours. The IT stock rose as much as 2.9 per cent to the day's high of Rs 466.15on NSE in morning deals. 

Wipro Q4 FY24 results

The IT major registered revenue of Rs 22,208.3 crore for theJanuary-March period as against Rs 22,205.1 crore for the previous three months, according to a regulatory filing.

The company's topline and the bottomline were largely in line with analysts' expectations.    

According to Zee Business research, the firm's fourth-quarter net profit was estimated at Rs 2,850 crore and revenue at Rs 22,200 crore. 

Srini Pallia, CEO and Managing Director of Wipro 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."

The company said its IT services segment revenue decreased 3.8 per cent on a year-on-year basis to $10,805.3 million in the financial year 2023-24. Its large deal bookings grew 17.4 per cent to $4.6 billion. 

"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... 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," Pallia added. 

Wipro's IT services segment operating margin improved by 40 basis points sequentially to 16.4 per cent. 

Q1 FY25 revenue guidance

Wipro expects revenue from its IT services business to be in the range of $2,617-2,670 million in the quarter ending June 30, which translates into sequential guidance of between negative 1.5 per cent and positive 0.5 per cent in constant currency terms (assuming the rupee to be at 83.12 against the US dollar). Read more on Wipro Q4 results

Wipro share price target

. For all other news related to business, politics, tech and auto, visit Zeebiz.com.