Wipro on Monday fell by over 4 per cent after the company posted a 7.6 per cent drop in its second quarter net profit and expects revenues in the ongoing quarter to be impacted by “a mixed demand environment”. After making a weak opening, the stock of the company further lost 4.22 per cent to Rs 478.10 on BSE.
On NSE, it slumped 4.32 per cent to Rs 477.60.
The stock was the worst performer among the Sensex and Nifty components during the morning trade.
Mirroring the impact of Brexit and global slowdown on Indian IT firms, the country’s third-largest software services firm said it expects its IT service revenue for October-December of 2016-17 to be in the range of $1,916 million and $1,955 million.
With IT services revenue at $1,916 million in the September quarter, this translates into a 0-2 per cent sequential growth.
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The company also missed its own guidance of $1,931-1,950 million for July-September at the beginning of the quarter.
The company’s net profit (after tax, minority interest and share of profit of associates) stood at Rs 2,070.4 crore in the quarter under review, down from Rs 2,241 crore in the year-ago period.