Wipro (WIPRO) AGM 2024 summary

Opening remarks and agenda

• The meeting was conducted via video conference, with the required quorum present and the board, executive team, auditors, and company secretary introduced at the outset.

• Members were informed about the arrangements for remote participation, live webcast, and e-voting, with compliance to regulatory requirements.

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 the previous year.

• 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 prior year.

Board and executive committee updates

• Srini Pallia was welcomed as the new CEO and MD, with a focus on transformation and AI-driven growth.

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