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Friday, January 28, 2022

Wipro share price falls over 6% post December quarter results

🔴 Wipro share price: The scrip fell 6.27 per cent to Rs 648 apiece on both the BSE and National Stock Exchange (NSE) during the early morning deals.

By: Express Web Desk | New Delhi |
Updated: January 13, 2022 11:31:27 am
wipro q3 results, wipro q3 net profitIn October, Wipro had said it expects its December quarter revenue from IT services business to be in the range of USD 2,631-2,683 million, a sequential growth of 2-4 per cent.

Wipro share price: Shares of Wipro fell over 6 per cent during the morning deals on Thursday after the company reported Rs 2,969 crore profit for the third quarter ended December(Q3), marginally higher than Rs 2,968 crore recorded during the same quarter of last year. On a sequential basis, the net profit was up 1.3 per cent.

The scrip fell 6.27 per cent to Rs 648 apiece on both the BSE and National Stock Exchange (NSE) during the early morning deals.

At 11:05 am, the Wipro stock was trading at Rs 650.70 apiece both on the BSE and NSE, down Rs 40.65 (5.88 per cent). The company’s market capitalisation stood at Rs 3,56,669 crore according to data available on the NSE.

Over 1.69 crore shares of the IT major were traded so far on the NSE in the intraday trade on Thursday while over 10.89 lakh shares exchanged hands on the BSE, data from the respective stock exchanges showed.

On Wednesday after the markets ended, Wipro posted a consolidated net profit of Rs 2,969 crore for the December quarter, almost flat compared to the year-ago period, but said demand environment continues to be “robust”.

The company has decided to close its offices globally for the next four weeks “as a proactive measure” in the backdrop of fast-spreading Omicron variant of coronavirus, Wipro CEO and Managing Director Thierry Delaporte said.

In October last year, the company had mentioned that it is starting to return to offices in many parts of the world, in a staggered manner. The return to office will be a careful and gradual process, the company has then stated.

For the March quarter (Q4), the company expects revenue from the IT services business to be in the range of $2,692 million to $2,745 million, translating into a sequential growth of 2-4 per cent.

The revenue from operations grew 29.6 per cent to Rs 20,313.6 crore from Rs 15,670 crore in the quarter ended December 2020. Seen sequentially, it was 3.2 per cent higher.

For the December quarter, IT services revenue grew 2.3 per cent sequentially to USD 2,639.7 million, in line with the forecast that had been given by the company in October.

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