Wipro shares skid 3% after Jatin Dalal resigns as CFO

Shares of IT major Wipro slipped as much as 2.8% on September 22, a day after Jatin Dalal resigned as the chief financial officer of the company. Dalal will be relieved from the services of the company with effect from November 30.

On Friday, the share price of the IT major opened at ₹423.55 as against the closing price of the previous session at ₹428.60. The scrip closed 2.32% lower at ₹418.65. During the session, the market capitalisation of the company stood at more than ₹2.18 lakh crore with more than 3.41 lakh shares exchanging hands, as against the two-week average of 3.86 lakh shares. At present, the share price of the company is trading 5.4% lower than the 52-week high of ₹443.60, which the company touched on September 15 last year. Shares of Wipro are trading 19.22% higher than the 52-week low of ₹351.85, which the company touched on April 17 this year.

According to the company, Wipro has appointed Aparna C Iyer as the chief financial officer with effect from September 22, 2023. Iyer will report to CEO Thierry Delaporte.

“Aparna is an accomplished and results-driven leader. Throughout her 20-year career with Wipro, she has been a dynamic, forward-thinking strategic partner to our business leaders. Aparna has been integral to our finance transformation over the last few years, playing a key role in our financial strategy and planning, investment programs, and transformation initiatives. Her commitment to creating lasting value, expertise across the full spectrum of finance operations, and her experience in working with a range of stakeholders will be instrumental in achieving our financial objectives,” says Delaporte.

With an experience of over 20 years, Iyer joined Wipro in 2003 and held several finance roles, including internal audit, business finance, finance planning and analysis, corporate treasury, investor relations, senior vice president and CFO of Wipro FullStride Cloud.

“As we continue our transformation journey, I look forward to working with Thierry, our finance team and the entire organization to build on our successes, drive sustainable growth, and create value for our stakeholders,” says Iyer.

Notably, in the April to June quarter of FY24, the IT services company posted a 12% increase in its net income at ₹2,870 crore, while the company's profit dipped 6.6% sequentially on a drop across all major metrics.

According to the company, its revenue reached ₹22,830 crore during the quarter, an increase of 6% YoY, including a 6.1% increase in the IT services revenue.

Wipro's non-GAAP constant currency IT services segment revenue decreased 2.8% sequentially but it increased 1.1% YoY. Total bookings during the said quarter stood at $3.7 billion and large deal bookings were at $1.2 billion, up by 9% YoY.