Wipro, one of India’s top software firms, reported fourth-quarter revenues that slightly surpassed expectations on Friday, despite a drop in consolidated revenue.
The Bengaluru-based company saw its revenue fall 4.2% to 222.08 billion rupees ($2.66 billion) for the January-March period, yet this still exceeded the anticipated 221.51 billion rupees, according to LSEG data.
The IT sector in India, including Wipro, faces challenges as clients cut spending amid high inflation and geopolitical uncertainties, with Nasscom reporting that the industry’s revenue growth halved to 3.8% last year.
The departure of significant figures such as CEO Thierry Delaporte earlier this month and Stephanie Trautman, who led large contract acquisitions, in December, has compounded Wipro’s challenges.
Despite these hurdles, Wipro’s net profit decreased by 7.9% to 28.35 billion rupees, which was still above the analyst predictions of 27.82 billion rupees.
This earnings report comes in a challenging quarter for the sector, highlighted by Infosys reporting lower-than-expected revenues and Tata Consultancy Services also posting subdued earnings, though TCS remains optimistic about growth driven by a strong deal pipeline this fiscal year.
Also Read, South Korea Prepares Market Stabilization Measures Amid Global Financial Turbulence
Speculation Swirls Around SEC Chair Gary Gensler’s Tenure Following Misinterpreted Social Media Post
Bookmark and Follow us for More Business News
