Wipro's financial history over the past decade is a story of recovering momentum — a company that lost ground to its Indian IT peers through organizational complexity and strategic distraction, then invested aggressively to rebuild competitive positioning through acquisitions, with the financial consequences of that investment now playing out in margin compression and integration costs. In FY2019, Wipro reported IT Services revenues of approximately 8.1 billion USD, with an IT Services operating margin of approximately 17 to 18 percent. These margins — while healthy by global IT services standards — were below TCS (approximately 26 percent) and Infosys (approximately 22 percent), reflecting Wipro's less favorable business mix (higher proportion of lower-margin infrastructure services and BPS relative to peers) and higher selling and administrative costs from managing a more complex organizational structure. The COVID-19 pandemic of FY2021 initially disrupted Wipro's revenues as clients cut discretionary IT spending in March to June 2020, but the subsequent digital transformation wave accelerated growth sharply. Wipro reported revenue growth of 33 percent in constant currency in FY2022 — its fastest in over a decade — driven by strong organic demand, the full-year contribution of Capco and other acquisitions, and broad-based client spending on cloud migration, digital transformation, and workforce modernization programs. FY2022 was the high-water mark for Wipro's recent financial performance in revenue growth terms. IT Services revenues reached approximately 10.4 billion USD, with an order book of new deal wins exceeding 4.4 billion USD in total contract value for the year — a record. However, operating margins compressed to approximately 17 percent as acquisition integration costs, elevated employee costs in a competitive talent market, and the lower initial margins of acquired consulting businesses weighed on profitability. FY2024 was a more difficult year for revenue growth, reflecting the industrywide deceleration in enterprise IT spending. Wipro reported IT Services revenues of approximately 10.8 billion USD, representing minimal constant-currency growth as clients rationalized discretionary spending and delayed new project starts. Operating margins recovered partially to approximately 16.1 percent as the company executed on efficiency programs and headcount optimization. Net profit for FY2024 was approximately 2.7 billion USD. Wipro's capital allocation has been distinctive among Indian IT peers. The acquisitions program of FY2021 to FY2023 — totaling approximately 4 to 5 billion USD — was funded through a combination of cash reserves (Wipro has historically maintained a large cash and investments balance, reflecting Azim Premji's financial conservatism) and equity issuances. Wipro also conducts regular share buybacks: the company executed buybacks of approximately 45 billion rupees in FY2023 and similar amounts in prior years, returning capital to shareholders while maintaining the balance sheet strength to continue acquisitions if appropriate opportunities arise.