Wipro, one of India's top IT services companies, continues to grapple with the financial crisis as its net profit and revenue declined in the fourth quarter of FY24.

The company reported a net profit of Rs 2,835 crore for the fourth quarter of FY 2024.The company's revenue fell 4.2 per cent year-on-year (YoY) to Rs 22,208 crore.

The company expects the IT services business segment to be in the range of $2,617 million to $2,670 million, based on constant currency ((-) 1.5% to + 0.5%)

"FY 2024 proved to be a challenging year for our industry, with the macroeconomic environment remaining uncertain. However, I am optimistic about the opportunities that lie ahead. We are in the midst of a major technological shift. "Artificial Intelligence is changing the needs of our clients, who want to leverage AI for competitive advantage and enhanced business value," "said Srini Palia, CEO, Wipro."

The operating profit margin for the fourth quarter increased by 40 basis points to 16.4 per cent. Wipro's performance has been lacklustre in all four quarters of FY2024. The company reported revenue of $2839.5 million at the end of Q4 FY23, which declined to $2657.4 million in Q4 FY24.

This poor performance of Wipro was also reflected in the number of employees, the number of employees decreased by 24,516 in 2024 to reach 234,054 in 2024.

The decline in headcount is a reflection of the challenges faced by the Indian IT industry, with Wipro's peers TCS and Infosys reporting a decline in headcount. The number of employees of TCS has come down to 13,249, while that of Infosys has come down to 25,994.

Wipro's biggest challenges come from the large market and the business segment. North American Geography declined 5.7 percent in the fourth quarter, while its largest business segment, financial services, declined 8.9 percent.

However, large deal bookings were $4.6 bn in FY2024, registering an increase of 17.4 per cent year-on-year.