Information technology (IT) services major Wipro Ltd announced on June 6 that it has secured a $500-million deal by a leading US communication service provider. The deal involves providing managed services for various products and industry-specific solutions over a period of five years, said Wipro in an exchange filing.
Ahead of the deal announcement, shares of Wipro settled 2.09 per cent higher at ₹461 apiece on the BSE. Wipro announced its January-March quarter results for fiscal 2023-24 (Q4FY24) on April 19, reporting a decline of eight per cent in consolidated net profit at ₹2,835 crore.
India’s fourth-largest software services company’s revenue from operations for the March quarter also dropped four per cent year-on-year (YoY) to ₹22,208.3 crore. Wipro reported a large total contract value (TCV) at $1.2 billion for the fourth quarter ended March 31, which is up 9.5 per cent YoY and 31 per cent sequentially.
Also Read: Wipro Q4 Results: Large TCV up 9.5% YoY, Q1FY25 revenue guidance pegged at -1.5 to 0.5%; 5 key highlights
The total bookings stood at $3.6 billion in the March quarter. For the entire fiscal 2023-24, the large deal bookings stood at $4.6 billion, up by 17.4 per cent YoY. Total bookings for FY24 came in at $14.9 billion, reporting a decline of 5.5 per cent YoY.
Wipro’s board approved an interim dividend of Re 1 for fiscal 2023-24. ‘’The Board of Directors confirmed the interim dividend of Re 1 declared by the Board earlier at its meeting held on January 12th, 2024, shall be considered as the final dividend for the financial year 2023-24,” said Wipro in its exchange filing.
“FY24 proved to be a challenging year for our industry, and the macroeconomic environment remains uncertain. However, I am optimistic about opportunities that lie ahead. We are on the brink of a major technological shift. Artificial intelligence is transforming our clients’ needs as they seek to harness its power for competitive advantage and enhanced business value,” said Srini Pallia, CEO and Managing Director, Wipro.
You are on Mint! India’s #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
