Wipro Shares Stumble By Over 8% After Q1 Results Show A Decline In Revenue

The new trading week has brought about some bad news for some, as the markets started the day before the budget in red. In addition, amongst the notable losers, IT firm Wipro stood out as the company shares slumped more than 7 per cent in the earliest hours of the day's trade.

Wipro Q1 Results

This development comes just days after the Bengaluru-based company declared its results for the first quarter of the new fiscal year or Q1 of FY25.

The tech company, which is one of the largest in the country, reported a cumulative net profit of Rs 3,036.60 crore in the quarter that concluded on June 30.

This figure was higher than the same quarter last year or Q1 of FY24, when the company made a net profit of Rs 2,886 crore, marking an impressive 5.21 per cent increase on a year-on-year basis.

The company, however, saw its revenue drop by 3.79 per cent to Rs 21,963.80 crore in the recently concluded quarter, against Rs 22,831 crore.

The company's overall expenses also dropped to Rs 18,667.4 crore in the recently concluded quarter, compared to the previous quarter's Rs 18,978.8 crore, and much lower than the previous year's Rs 19,674.0 crore.

In this, the total tax expense also dropped from the previous quarter's Rs 1,004.0 crore to Rs 9,850, in this quarter.

Company Shares Drop

The company shares, along with some other major companies, started the day's trade in red, with both the marquee indices, namely BSE Sensex and NSE Nifty, starting the day's proceedings in red.

The IT company's shares, which started out with a major drop, have only plummeted further, with the magnitude of the decline increasing from 7 per cent to over 8 per cent.

At 09:50 IST, the company shares declined by a colossal 8.58 per cent or Rs 47.80, taking the overall price to below the Rs 550 mark, at Rs 509.40 per share.