Wipro Ltd faced significant challenges during FY24, characterized by a volatile global economic environment that impacted client technology spends, as acknowledged by Chairman Rishad Premji in the company’s annual report for the year ended March 2024. Despite these difficulties, Wipro remains committed to innovation and future investments.
The past year saw leadership changes, including the appointment of Srinivas Pallia as CEO, who succeeded Thierry Delaporte. Pallia described FY24 as a testing period marked by macroeconomic challenges affecting industry performance.
Wipro reported a 4.4% decline in annual revenue to $10.8 billion in FY24, contrasting with revenue growth reported by its peers Tata Consultancy Services Ltd, Infosys Ltd, and HCL Technologies Ltd. Additionally, Wipro’s operating margin at 16.1% was the lowest among its peers.
Looking ahead, Wipro aims to lead in artificial intelligence (AI) transformation, having already deployed Gen AI across internal processes. This includes initiatives like WiNow, an AI-powered enterprise chatbot, and extensive employee training in AI fundamentals and role-specific advanced skills.
The company plans to focus on five strategic areas: accelerating large deals, enhancing client relationships, expanding AI-driven solutions, fostering AI-focused talent, and prioritizing client-centricity to drive future growth.
Analysts highlight execution as pivotal for Wipro’s growth trajectory, emphasizing Srini Pallia’s leadership strengths in driving operational excellence and advancing AI-integrated solutions.
Wipro’s revenue forecast for the June 2024 quarter ranges between $2.62 billion to $2.67 billion in constant currency terms, reflecting ongoing strategic investments aimed at sustaining growth momentum.
