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Wipro Announces Results for the Quarter and Year Ended March 31, 2025

$WIPRO #IFRS--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (I...

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Net income grew 6.4% QoQ in Q4’25 and grew 18.9% YoY for FY’25

FY’25 margin at 17.1%, expands 0.9%, Q4 margin at 17.5%, expands 1.1% YoY

Large deal booking grew 48.5% YoY in Q4’25 and grew 17.5% YoY for FY’25

Operating cash flow at 104.4% of net income for Q4’25 and 128.2% for FY’25

EAST BRUNSWICK, N.J. & BANGALORE, India: $WIPRO #IFRS--Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology services and consulting company, announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2025.

Highlights of the Results

Results for the Quarter ended March 31, 2025:

  • Gross revenue at Rs 225.0 billion ($2,634.2 million1), an increase of 0.8% QoQ and 1.3% YoY.
  • IT services segment revenue was at $2,596.5 million, decrease of 1.2% QoQ and 2.3% YoY.
  • Non-GAAP2 constant currency IT Services segment revenue decreased 0.8% QoQ and 1.2% YoY.
  • Total bookings3 was at $3,955 million, up by 13.4% QoQ in constant currency2. Large deal bookings4 was at $1,763 million, an increase of 48.5% YoY in constant currency2.
  • IT services operating margin5 for Q4’25 was at 17.5%, flat QoQ and expansion of 1.1% YoY.
  • Net income for the quarter was at Rs 35.7 billion ($417.8 million1), an increase of 6.4% QoQ and 25.9% YoY.
  • Earnings per share for the quarter at Rs 3.4 ($0.041), an increase of 6.2% QoQ and 25.8% YoY.
  • Operating cash flows of Rs 37.5 billion ($438.5 million1), decrease of 28.2% YoY and at 104.4% of Net Income for the quarter.
  • Voluntary attrition was at 15.0% on a trailing 12-month basis.

    • Results for the Year ended March 31, 2025:

  • Gross revenue reached Rs 890.9 billion ($10.4 billion1), a decrease of 0.7% YoY.
  • IT services segment revenue was at $10,511.5 million, a decrease of 2.7% YoY.
  • Non-GAAP2 constant currency IT Services segment revenue decreased 2.3% YoY.
  • Large deal bookings4 was at $5.4 billion, up by 17.5% YoY. Total bookings3 was at $14.3 billion, decrease of 3.8% YoY.
  • IT services operating margin5 for the year was at 17.1%, up by 0.9% YoY.
  • Net income for the year was at Rs 131.4 billion ($1,537.0 million1), an increase of 18.9% YoY.
  • Earnings per share for the year was at Rs 12.6 ($0.151), an increase of 20.3% YoY.
  • Operating cash flows of 169.4 billion ($1,983.0 million1), decrease of 3.9% YoY and at 128.2% of Net Income for the year.

    • Outlook for the Quarter ending June 30, 2025

    We expect revenue from our IT Services business segment to be in the range of $2,505 million to $2,557 million*. This translates to sequential guidance of (-)3.5% to (-)1.5% in constant currency terms.

    *Outlook for the Quarter ending June 30, 2025, is based on the following exchange rates: GBP/USD at 1.26, Euro/USD at 1.05, AUD/USD at 0.63, USD/INR at 86.60 and CAD/USD at 0.70

    Performance for the Quarter and Year ended March 31, 2025

    Srini Pallia, CEO and Managing Director, said, “We closed FY25 with two mega deal wins, an increase in large deal bookings, and growth in our top accounts. Client satisfaction scores improved, reflecting strong execution and engagement. We also continued to invest in our global talent and in strengthening our consulting and AI capabilities. As clients remain cautious in the face of macroeconomic uncertainty, we’re focused on partnering closely with them while staying committed to consistent and profitable growth.”

    Aparna Iyer, Chief Financial Officer, said, “For Q4 operating margins expanded 110 basis points year on year and for the full financial year margin expanded by 90 basis points. Our focus on execution rigour has ensured that our margins have steadily expanded even in a softening revenue environment. Our endeavor will be to maintain the margin in a narrow band in the coming quarters. Our net income grew 6.4% sequentially in Q4 and 18.9% for the full financial year. Cash flow continued to be robust in Q4 resulting in net operating cash flow generation of almost $ 2 Bn for FY’25, which is 128.2% of our net income.”

    Capital Allocation:

    The interim dividend of Rs 6 declared by the Board at its meeting held on January 17th, 2025, shall be considered as final dividend for the financial year 2024-25.

  • For the convenience of the readers, the amounts in Indian Rupees in this release have been translated into United States Dollars at the certified foreign exchange rate of US$1 = Rs 85.43, as published by the Federal Reserve Board of Governors on March 31, 2025. However, the realized exchange rate in our IT Services business segment for the quarter ended March 31, 2025, was US$1= Rs 86.44
  • Constant currency for a period is the product of volumes in that period times the average actual exchange rate of the corresponding comparative period.
  • Total Bookings refers to the total contract value of all orders that were booked during the period including new orders, renewals, and increases to existing contracts. Bookings do not reflect subsequent terminations or reductions related to bookings originally recorded in prior fiscal periods. Bookings are recorded using then-existing foreign currency exchange rates and are not subsequently adjusted for foreign currency exchange rate fluctuations. The revenues from these contracts accrue over the tenure of the contract. For constant currency growth rates, refer note 2.
  • Large deal bookings consist of deals greater than or equal to $30 million in total contract value.
  • IT Services Operating Margin refers to Segment Results Total as reflected in IFRS financials.

    • Highlights of Strategic Deal Wins

    In the fourth quarter, Wipro continued to win large and strategic deals across industries. Key highlights include:

  • Phoenix Group, the UK's largest long-term savings and retirement business, has selected Wipro to deliver life and pension business administration for their ReAssure business and accelerate the Group’s operational transformation. Under the terms of the 10-year deal, Wipro’s FCA-regulated entity, Wipro Financial Services Outsourcing Limited (WFOSL), will deliver comprehensive life and pension administration services that will encompass Policy Administration, Claims Processing, Customer Service Support, Data Management and Reporting, and Compliance and Regulatory Support. As part of the engagement, Wipro will also assume management of the client’s core policy administration ALPHA platform, modernizing it with AI, Automation, Cloud, and digital transformation technologies. This engagement aligns with our strategic big bet of setting up an Insurance Third Party Administration (TPA) business that will open doors for us to target large, multi-year platform, deals encompassing operations and technology.
  • A prominent North America-based financial institution has selected Wipro to enhance its technology infrastructure, delivery and operations. The Wipro team will consolidate the client’s existing technology vendors, thereby providing improved visibility into their technological delivery. Wipro will implement a global delivery model across the client’s entire business to streamline processes, optimize resource allocation, and significantly boost efficiency. This comprehensive approach will enable the client to achieve substantial cost savings, heightened productivity, and superior service delivery.
  • A manufacturer of premium household appliances headquartered in Europe has selected Wipro to manage and transform its IT landscape. The Wipro team will future-proof the client’s IT infrastructure by harnessing its AI-driven Smart-Operations Solution that includes conversational virtual service desk AI agents providing seamless support in multiple languages. Wipro will consolidate all business applications, infrastructure, and cyber security tracks onto a unified monitoring platform to provide better visibility into the client’s technology ecosystem. From this project, the client can expect to see enhanced operational efficiency and robust cyber-risk management.
  • One of the largest health insurers in the U.S has extended its engagement with Wipro to automate and streamline its financial and membership reconciliation. Wipro will deploy its industry leading Medicare platform, “Payer-in-a-box”, to support the client’s growing business. The SaaS based solution will provide the client with increased flexibility to handle membership growth, optimized financial control, and assured compliance with Centre for Medicare & Medicaid Services regulations. Additionally, the solution will also ensure data security, platform stability, and seamless business continuity for the client.
  • A Fortune 100 global healthcare payer, experiencing significant business growth, has entrusted Wipro to manage its increased operational demands. Wipro will leverage its deep expertise and AI tools to scale the client’s Medicare, Medicaid, and ACA operations. This will enable the client to focus on their core strategic priorities, optimize operational costs, and significantly improve efficiency in member services. Wipro will support the client in improving user experience and driving exceptional business outcomes.
  • A US-based payment card services company has expanded its relationship with Wipro to modernize and maintain its business applications portfolio. The Wipro team will undertake a transformation and optimization program across the client’s payment ecosystem. From this project, the client will see significantly improved transaction security for their end-customers, as well as enhanced scalability and cost efficiency.
  • A leading American multinational energy corporation has extended their relationship with Wipro to provide Application Management Services across their entire Oil & Gas value chain. Leveraging Wipro’s AI-powered NextGen AMS solution, the team will modernize and manage an expanded scope of business applications that power critical functions across the client’s end-to-end business value chain. Through this engagement, the client will see a significant increase in AI-enabled operational efficiency, improved resilience in automation, enhanced service levels, as well as stronger alignment with their competitive performance goals.
  • A North American parcel delivery company has extended its relationship with Wipro to provide private Cloud solutions, which comprise Cloud Server, Storage, Network, Security, and Scheduling services. Leveraging AI-Ops tools, the Wipro team will help the client achieve improved ticket resolution and reduction in planned outages. Further, the client will realize enhanced business agility and scalability, as well as cost predictability, data sovereignty, and resiliency.
  • A Europe-based international food wholesaler has extended its partnership with Wipro to provide comprehensive business application management, cloud, and IT support services. In the initial phase of the partnership, Wipro assisted the customer in accelerating their cloud strategy by migrating 80% of their on-premises infrastructure to the cloud and contributing to the modernization of their store infrastructure.
    The second phase will focus on enhancing cloud security through modernization and optimization of the client’s cloud environment. The Wipro team will also continue to manage and modernize the client’s business applications, utilizing GenAI-powered solutions to swiftly detect and resolve incidents, ensuring uninterrupted operations.
    Additionally, Wipro will leverage data-driven business insights to improve strategic decision-making, leading to enhanced operational efficiency and greater visibility into the client's business segments.
  • A large Australian engineering and construction company has strengthened its strategic, long-standing partnership with Wipro by expanding into a Managed Services contract. Wipro will leverage automation and AI ops to improve user experience, deliver faster and higher quality issue resolution, as well as to optimize IT costs, and streamline operations. Wipro will also transform the client’s IT service delivery across multiple business units to create a modern, secure, and sustainable environment.
  • A multinational engineering corporation has selected Wipro to implement AI-powered comprehensive managed infosec services solution to enhance their network, endpoint, cloud, and identity security. Integrating AI solutions from the WeGA studio, Wipro will automate processes, efficiently resolve alerts, and provide contextual resolutions for the client. Wipro will enhance agent productivity by 15-20%, resulting in significant efficiency gains and improved overall performance.
  • Wipro has partnered with a US-based utility company to set up a GenAI Center of Excellence to spearhead AI innovation. Through the CoE, Wipro will create a comprehensive GenAI strategy for the client’s AI and data lifecycle. Wipro is developing an end-to-end resource planning platform for logistics, power management, and asset health monitoring, to streamline operations. The AI & data CoE will facilitate better risk governance, accelerated adoption and measurable ROI. The client will also see enhanced decision-making, regulatory alignment, as well as reusable and faster deployment of AI models.

    • Analyst Recognition

  • Wipro was positioned as a Horizon 3 – Market Leader in the HFS Horizons: Generative Enterprise Services, 2025 report
  • Wipro was ranked as a Leader in Avasant's Life Sciences Digital Services 2025 RadarView™
  • Wipro was positioned as a Leader in Everest Group's Managed Detection and Response (MDR) Services PEAK Matrix® Assessment 2025
  • Wipro was positioned as a Leader in ISG Provider Lens™ - Power & Utilities Industry Services and Solutions 2024 – North America & Europe (multiple quadrants)
  • Wipro was rated as a Leader in ISG Provider Lens™ - Oil and Gas Industry Services and Solutions 2024 - North America (all quadrants)
  • Wipro was recognized as a Leader in ISG Provider Lens™ - Telecom, Media and Entertainment Industry Services 2024 – North America (multiple quadrants)
  • Wipro was featured as a Leader in ISG Provider Lens™ - Advanced Analytics and AI Services 2024 - US (all quadrants)
  • Wipro was recognized as a Leader in ISG Provider Lens™ - Healthcare Digital Services 2024 - US (all quadrants)
  • Wipro was recognized as a Leader and Star Performer in Everest Group's SAP Business Application Services PEAK Matrix® Assessment 2025
  • Wipro was positioned as a Leader in ISG Provider Lens™ - Oracle Cloud and Technology Ecosystem 2024 - US & Europe (all quadrants)
  • Wipro was rated as a Leader in ISG Provider Lens™ - Sustainability and ESG 2024 - US & Europe (all quadrants)
  • Wipro was positioned as a Leader in the 2025 Gartner® Magic Quadrant™ for Outsourced Digital Workplace Services
  • Wipro was recognized as a Leader in Everest Group's Application Management Services PEAK Matrix® Assessment 2025

    • Source & Disclaimer: *Gartner, “Magic Quadrant for Outsourced Digital Workplace Services”, Karl Rosander, et al, 24 March 2025.

    GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and are used herein with permission. All rights reserved.

    Gartner does not endorse any vendor, product, or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner's research publications consist of the opinions of Gartner’s research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

    The Gartner content described herein (the “Gartner Content”) represents research opinion or viewpoints published, as part of a syndicated subscription service, by Gartner, Inc. ("Gartner"), and is not a representation of fact. Gartner Content speaks as of its original publication date (and not as of the date of this press release, and the opinions expressed in the Gartner Content are subject to change without notice.

    IT Products

  • IT Products segment revenue for the quarter was Rs 0.8 billion ($9.5 million1)
  • IT Products segment results for the quarter were Rs 0.03 billion ($0.3million1)
  • IT Products segment revenue for the year was Rs 2.7 billion ($31.5 million1)
  • IT Products segment results for the year were (Rs (-)0.2 billion) ($(-)2.0 million1)

    • Please refer to the table at the end for reconciliation between IFRS IT Services Revenue and IT Services Revenue on a non-GAAP constant currency basis.

    About Key Metrics and Non-GAAP Financial Measures

    This press release contains key metrics and non-GAAP financial measures within the meaning of Regulation G and Item 10(e) of Regulation S-K. Such non-GAAP financial measures are measures of our historical or future performance, financial position or cash flows that are adjusted to exclude or include amounts that are excluded or included, as the case may be, from the most directly comparable financial measure calculated and presented in accordance with IFRS.

    The table at the end provides IT Services Revenue on a constant currency basis, which is a non-GAAP financial measure that is calculated by translating IT Services Revenue from the current reporting period into U.S. dollars based on the currency conversion rate in effect for the prior reporting period. We refer to growth rates in constant currency so that business results may be viewed without the impact of fluctuations in foreign currency exchange rates, thereby facilitating period-to-period comparisons of our business performance. Further, in the normal course of business, we may divest a portion of our business which may not be strategic. We refer to the growth rates in both reported and constant currency adjusting for such divestments in order to represent the comparable growth rates.

    Our key metrics and non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, the most directly comparable financial measure calculated in accordance with IFRS and may be different from non-GAAP measures used by other companies. Our key metrics and non-GAAP financial measures are not comparable to, nor should be substituted for, an analysis of our revenue over time and involve estimates and judgments. In addition to our non-GAAP measures, the financial statements prepared in accordance with IFRS and the reconciliation of these non-GAAP financial measures with the most directly comparable IFRS financial measure should be carefully evaluated.

    Results for the Quarter and Year ended March 31, 2025, prepared under IFRS, along with individual business segment reports, are available in the Investors section of our website www.wipro.com/investors/

    Quarterly Conference Call

    We will hold an earnings conference call today at 07:00 p.m. Indian Standard Time (8:30 a.m. U.S. Eastern Time) to discuss our performance for the quarter. The audio from the conference call will be available online through a webcast and can be accessed at the following link- https://links.ccwebcast.com/?EventId=WIP160425

    An audio recording of the management discussions and the question-and-answer session will be available online and will be accessible in the Investor Relations section of our website at www.wipro.com

    About Wipro Limited

    Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO) is a leading technology services and consulting company focused on building innovative solutions that address clients’ most complex digital transformation needs. Leveraging our holistic portfolio of capabilities in consulting, design, engineering, and operations, we help clients realize their boldest ambitions and build future-ready, sustainable businesses. With over 230,000 employees and business partners across 65 countries, we deliver on the promise of helping our clients, colleagues, and communities thrive in an ever-changing world. For additional information, visit us at www.wipro.com

    Forward-Looking Statements

    The forward-looking statements contained herein represent Wipro’s beliefs regarding future events, many of which are by their nature, inherently uncertain and outside Wipro’s control. Such statements include, but are not limited to, statements regarding Wipro’s growth prospects, its future financial operating results, the benefits its customers experience and its plans, expectations and intentions. Wipro cautions readers that the forward-looking statements contained herein are subject to risks and uncertainties that could cause actual results to differ materially from the results anticipated by such statements. Such risks and uncertainties include, but are not limited to, risks and uncertainties regarding fluctuations in our earnings, revenue and profits, our ability to generate and manage growth, complete proposed corporate actions, intense competition in IT services, our ability to maintain our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which we make strategic investments, withdrawal of fiscal governmental incentives, political instability, war, legal restrictions on raising capital or acquiring companies outside India, unauthorized use of our intellectual property and general economic conditions affecting our business and industry.

    Additional risks that could affect our future operating results are more fully described in our filings with the United States Securities and Exchange Commission, including, but not limited to, Annual Reports on Form 20-F. These filings are available at www.sec.gov. We may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company’s filings with the Securities and Exchange Commission and our reports to shareholders. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.

    WIPRO LIMITED AND SUBSIDIARIES

     

    INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION

    (Rs in millions, except share and per share data, unless otherwise stated)

     

     

    As at March 31, 2024

    As at March 31, 2025

    Convenience translation into US dollar in millions (unaudited)

    ASSETS

    Goodwill

     

    316,002

    325,014

    3,804

    Intangible assets

     

    32,748

    27,450

    321

    Property, plant and equipment

     

    81,608

    80,684

    944

    Right-of-Use assets

     

    17,955

    25,598

    300

    Financial assets

     

    Derivative assets

     

    25

    ^

    ^

    Investments

     

    21,629

    26,458

    310

    Trade receivables

     

    4,045

    299

    3

    Other financial assets

     

    5,550

    4,664

    54

    Investments accounted for using the equity method

     

    1,044

    1,327

    16

    Deferred tax assets

     

    1,817

    2,561

    30

    Non-current tax assets

     

    9,043

    7,230

    85

    Other non-current assets

     

    10,331

    7,460

    87

    Total non-current assets

     

    501,797

    508,745

    5,954

    Inventories

     

    907

    694

    8

    Financial assets

     

    Derivative assets

     

    1,333

    1,820

    21

    Investments

     

    311,171

    411,474

    4,817

    Cash and cash equivalents

     

    96,953

    121,974

    1,428

    Trade receivables

     

    115,477

    117,745

    1,378

    Unbilled receivables

     

    58,345

    64,280

    753

    Other financial assets

     

    10,536

    8,448

    99

    Contract assets

     

    19,854

    15,795

    185

    Current tax assets

     

    6,484

    6,417

    75

    Other current assets

     

    29,602

    29,128

    341

    Total current assets

     

    650,662

    777,775

    9,105

     

    TOTAL ASSETS

     

    1,152,459

    1,286,520

    15,059

     

    EQUITY

    Share capital

     

    10,450

    20,944

    245

    Share premium

     

    3,291

    2,628

    31

    Retained earnings

     

    630,936

    716,477

    8,387

    Share-based payment reserve

     

    6,384

    6,985

    82

    Special Economic Zone re-investment reserve

     

    42,129

    27,778

    325

    Other components of equity

     

    56,693

    53,497

    626

    Equity attributable to the equity holders of the Company

     

    749,883

    828,309

    9,696

    Non-controlling interests

     

    1,340

    2,138

    25

    TOTAL EQUITY

     

    751,223

    830,447

    9,721

     

    LIABILITIES

    Financial liabilities

     

    Loans and borrowings

     

    62,300

    63,954

    749

    Lease liabilities

     

    13,962

    22,193

    260

    Derivative liabilities

     

    4

    -

    -

    Other financial liabilities

     

    4,985

    7,793

    91

    Deferred tax liabilities

     

    17,467

    16,443

    192

    Non-current tax liabilities

     

    37,090

    42,024

    492

    Other non-current liabilities

     

    12,970

    17,119

    200

    Provisions

     

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