Artificial Intelligence game to strategic investments: Key things that Wipro's chairman Rishad Premji said in 77th AGM

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₹2,870.1 crore in Q1, rising by 11.95% YoY. Meanwhile, revenue from operations stood at ₹22,831 crore in Q1FY24, recording a growth of 6.05% YoY. The tech major's non-GAAP constant currency IT Services segment revenue decreased by 2.8% QoQ and increased by 1.1% YoY.

The company's total bookings were at $3.7 billion and large deal bookings stood at $1.2 billion, up by 9% YoY. In the 77th AGM, Rishad highlighted that Wipro ended the year FY23 with strong bookings, a growth of 28% from last year, and hired 22,000 next-generation associates (or freshers, as called earlier). He added, "It is our highest number for a single year." Although, Rishad did say that the macroeconomic environment last year was challenging.

Even as the pandemic receded, the Ukraine war entered a second year, and the global interest rates stayed high. These factors impacted client spending, especially towards the second half of FY 2023. Overall, the FY23 revenue of Wipro crossed $11 billion and grew by 11.5% in constant currency.

Rishad said, "That makes it two consecutive years of double-digit growth since we began our journey of change in 2020." For the ₹12,000 crore buyback, approximately $15 billion at ₹445 per share, Rishad said, "I am glad that we have successfully completed the buyback, the biggest in Wipro’s history. It is heartening to see that small shareholders have participated and benefitted from the buyback." Wipro's buyback opened on June 22 and closed on June 30th. As per the regulatory filing on Thursday, Wipro's promoter and promoter group shareholding rose to 72.97% post-buyback compared to earlier 72.91%.