Wipro shares climb nearly 2% after earnings announcement

In Q3FY23, Wipro's revenues were Rs 23,229 crore, 14.3% more than the same quarter the year before

FPJ Web DeskUpdated: Monday, January 16, 2023, 12:57 PM IST
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Wipro shares climb nearly 2% after earnings announcement | Image credit: Wikipedia (Representative)

Shares of Wipro climbed nearly 2 per cent in early trade after the company reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter.

On the BSE, the stock rose 1.81 percent to Rs 400.80 per share. On the NSE, it rose 1.80% to Rs 401 per share.

In spite of global challenges, Wipro Ltd. announced a better-than-anticipated 2.8% increase in consolidated net profit for the December 2022 quarter to Rs 3,053 crore on Friday. The company also expressed confidence in "high" bookings for the fourth quarter.

However, the company's Q4 guidance fell short of analysts' projections. In constant currency terms, Wipro expects its IT services revenue to grow between -0.6% and 1% sequentially in the quarter ending March 2023.

The Bengaluru-based company anticipates constant currency revenue from the IT services division for the entire year to be in the range of 11.5 to 12%.

In Q3FY23, Wipro's revenues were Rs 23,229 crore, 14.3% more than the same quarter the year before. Wipro competes with TCS, Infosys, HCL Tech, and other companies in the market.

Sequentially, revenue increased by around 3% compared to the September quarter, while quarterly net profit increased by 14.8%.

Although the IT services margin exceeded expectations, the brokerage firm Emkay Global Financial Services reported that Q4 outlook is "below expectation."

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