Wipro's Profits Surge, Eyes AI-Driven Future

Wipro reported a 24.66% rise in net profits for the October-December quarter, registering Rs 3,364 crore in profit and a marginal revenue increase of 0.5%. CEO Srini Pallia emphasized strategic investments guiding clients towards an AI-driven future while achieving the highest margins in three years.

IT behemoth Wipro has reported a remarkable 24.66% surge in net profits for the October-December quarter, with figures reaching Rs 3,364 crore, up from Rs 2,700 crore in the previous year. However, revenue growth during the same period was modest, showing a 0.5% increase to Rs 22,319 crore.

Announcing its financial results as per International Financial Reporting Standards (IFRS), Wipro anticipates IT Services business revenues in the January-March quarter to hover between USD 2,602 million and USD 2,655 million. CEO Srini Pallia highlighted the significant achievements amidst a seasonally sluggish quarter, citing robust execution and margin improvements.

Wipro's strong performance underscored 17 major deals valued at USD 1 billion, showcasing its strategic focus on AI-driven solutions. Projects include transformative collaborations with a US-based health insurer, media corporation, and a leading Indian bank. Aparna Iyer, CFO, noted that Wipro expanded its margins for the fourth consecutive quarter, meeting a 17.5% target.

(With inputs from agencies.)