Shares of this large-cap company fell around 2 percent in Thursday’s trading session despite winning a Multi-Million-Dollar Deal to Transform Nokia’s Digital Workplace Services.
With a market capitalization of Rs. 2,39,011 crores, the shares of Wipro Ltd started Thursday’s trading session on a flatter note at Rs. 462.40. During the trading session, the shares hit a low of Rs. 455.45, losing around 2 percent and are currently trading at Rs. 457 apiece.
According to the exchange filing, the IT company announced that it had been selected by Nokia to overhaul its employee service desk and provide seamless, real-time IT support to a global network of employees.
The Wipro team will build a bespoke AI-powered, cloud-based solution in the multi-year contract for Nokia’s workforce comprising around 86,700 users globally in 130 countries of operations. The solution aims to enhance the employee experience by providing highly available, modular, secure, and automated services
Furthermore, the company mentioned that this project will result in the creation of an experience-driven, omnichannel, and always-on global service desk, which will provide employees with highly flexible and secure services to empower them to effectively navigate a hybrid work environment.
Coming onto the company’s financial statements, the revenue increased marginally by 0.01 percent from Rs. 22,205 crores during the December quarter to Rs. 22,208 crores in the March quarter. In addition, the net profits increased by around 6 percent from Rs. 2,701 crores to Rs. 2,858 crores during the same period.
In the fourth quarter, the IT company’s order bookings amounted to 3.6 billion US dollars, with significant deal bookings Total Contract Value (TCV) reaching 1.2 billion US dollars.
For the fiscal year 2024, total large deal bookings TCV stood at 4.6 billion US dollars, indicating a notable growth of 17.4 percent compared to the previous fiscal year.
The company’s strategic focus entails accelerating the momentum of large deals through proactive engagement with clients and partners and strengthening relationships with significant clients and partners is paramount to driving growth initiatives.
Additionally, the company is emphasizing industry-specific offerings and AI-infused business solutions to meet evolving market demands efficiently.
In terms of key financial metrics, the company reported a return on equity of 15.89 percent and a return on capital employed of 17.11 percent for the period spanning FY22-24. Additionally, the net profit margin stood at 12.56 percent during the same timeframe.
Headquartered in Bangalore, Wipro Ltd is a global Information technology, consulting and business process services (BPS) company. It is the 4th largest Indian player in the global IT services industry behind TCS, Infosys and HCL Technologies.
Written by Vaibhav Patil
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