Wipro Limited Revenue & Financials

Revenue grew modestly from $10.1 billion in fiscal 2022 to $10.77 billion in fiscal 2024, a growth rate that reflects the IT services market's post-pandemic normalization rather than any specific Wipro underperformance. Net income of $1.25 billion implies a net margin of roughly 11.6 percent — industry-standard for large-cap Indian IT services. The $78.3 billion market capitalization against $10.77 billion in revenue implies a price-to-sales multiple approaching seven, reflecting the market's pricing of the recurring revenue characteristics of long-term enterprise technology contracts and the long-term ownership stability provided by the Premji Trust structure. Share buyback programs funded by Wipro's substantial free cash flow have reduced the outstanding share count and improved earnings per share over the past five years — a capital return strategy that the Trust's long-term orientation supports more comfortably than a company under quarterly earnings pressure would manage. The 2020 attrition crisis — mass departures of junior engineers during the post-pandemic talent war — imposed real costs: replacement hiring, wage inflation across the workforce, and productivity disruption during onboarding cycles. The industry-wide nature of the problem provided some cover, but the scale of attrition at Wipro specifically drew attention to compensation benchmarking that had lagged market rates. The stabilization of attrition rates through 2022 and 2023 as the tech hiring boom cooled was a relief, though it also reflected a broader labor market shift rather than anything Wipro-specific.