This IT Company Bagged Order Worth $ 500 Million from a Leading US Communication Service Provider

The shares of the company have delivered a return of around 22 per cent to its shareholders.

This Large-Cap IT stock secured a USD 500 million order from an international entity and it is also a leading US communication service provider. The company will be providing and managing services for some products and industry-specific solutions. It is to be executed for 5 years.

Wipro Ltd is a global information technology, consulting, and business process services (BPS) company. It ranks as the fourth-largest Indian player in the global IT services industry, following TCS, Infosys, and HCL Technologies. The IT Services segment, constituting approximately 97 per cent of the company's revenues, is structured around two global business lines. Firstly, iDEAS encompasses service lines such as domain and consulting, applications and data engineering, as well as R&D and Wipro Digital. Secondly, iCORE comprises service lines including cloud and infrastructure services (CIS), digital operations and platform (DO&P), and Cybersecurity and risk services (CRS).

Share Performance:

On Friday, the company's stock closed at around Rs 484.45 per share, with a market capitalisation of Rs 2,53,302 crore. The stock has delivered a return of around 20 per cent in just 1 year.

Financial performance:

According to the Quarterly Results, in Q4 FY24, the company reported a revenue of Rs 22,208 crore compared to Rs 23,190 crore and a net profit of Rs 2858 crore compared to Rs 3094 crore. In FY24, the company reported a revenue of Rs 89760 crore compared to Rs 90488 crore, and a net profit of Rs 11112 crore, compared to a profit of Rs 11366 crore in the previous year.

Regarding the shareholding pattern, the promoters own 72.89 per cent of the company, while FIIs and DIIs hold 6.96 per cent and 8.28 per cent, respectively. Public or retail investors hold the remaining 11.76 per cent.

Investors must keep this stock on their radar.

Disclaimer: The article is for informational purposes only and not investment advice.