Wipro reports large TCV of $1.2 billion in Q4, up 9.5% YoY

Wipro had won $3.79 billion worth of large TCV for the December quarter.

IT services company Wipro on April 19 reported large total contract value (TCV) at $1.2 billion for the fourth quarter ended March 31, up over nine percent year-on-year. This was despite a challenging macroeconomic environment and an ongoing slowdown in discretionary spending.

Large deal bookings constitute deals greater than or equal to $30 million in total contract value terms, according to Wipro.

The company had won $3.79 billion worth of large TCV for the December quarter.

On a full-year basis, the order book was up over 16 percent at $4.6 billion as compared to $3.90 billion recorded in FY23.

Chief financial officer Aparna Iyer said that the company is winning vendor consolidation deals in Europe.

Wipro's net profit fell 8 percent to Rs 2,835 crore for the fiscal fourth quarter, beating estimates. The software services company's revenue fell to Rs 22,208.3 crore from Rs 23,190.3 crore.

Also read: Wipro CEO Pallia unveils five focus areas to turn around the company

On the headcount front, Wipro reported a decline of 6,180 employees in the fourth quarter ended March 31. This comes at a time when IT companies are looking to improve utilisation rate of existing employees amidst lowering attrition, to grow margins.

"Headcount growth is a reflection of the overall demand and the levels of utilisation that we're comfortable with. So headcount growth will now depend on the overall macroeconomic environment improving and discretionary spends of our clients improve," said Iyer.

On a full-year basis, Wipro's headcount was down by 24,516 in FY24, the second consecutive year of headcount reduction. The total headcount for FY24 stood at 234,054.

Also read: TCS, Infosys, Wipro together lost 63,759 employees in FY24