Indian IT giant Wipro reported a 12% YoY decline in consolidated net profit for Q3FY24, reaching Rs 2,694 crore. While Q3 revenues dropped 4.4% YoY to Rs 22,205 crore, CEO Thierry Delaporte acknowledged a cautious demand environment, with clients making conservative investments. Despite the dip, the company observed positive indicators in consulting, particularly from acquired firm Capco. Wipro’s IT services operating margin for Q3 was 16.0%, with total bookings at $3.8 billion. Delaporte expressed confidence in margin improvement and highlighted AI’s increasing significance in business strategy. The voluntary attrition rate hit a 10-quarter low at 12.3%
Wipro Q3 Report Reveals Profit Dip Amid Cautious Client Investments
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