Wipro (WIPRO) AGM 2024 summary

Opening remarks and agenda

• The meeting was conducted via video conference, with all board members, auditors, and key executives present, and a quorum established.

• Members were informed about the arrangements for remote participation, live webcast, and e-voting facilities.

• The agenda included adoption of financial statements, confirmation of interim dividend, director appointments, and approval of employee stock schemes.

Financial performance review

• FY24 revenue was $10.8 billion, down 4.4% year-on-year, with net income at $1.3 billion.

• IT services operating margin improved to 16.1%, a 50 basis points increase over FY23.

• Operating cash flow reached a record INR 176.2 billion ($2.1 billion), up 34.9% year-on-year.

• Large deal bookings totaled $4.6 billion, a 17.4% increase from the previous year.

Board and executive committee updates

• Srini Pallia was welcomed as the new CEO and MD, with confidence expressed in his leadership.

• Smooth transitions at both CFO and CEO levels were highlighted as part of succession planning.