BackWipro shares decline 4.4% as revenue growth lags peers
Wipro on Tuesday said consolidated net profit rose 28.5% in September quarter to `1,932 cr
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Mumbai: Shares of Wipro Ltd fell as much as 8.4% in intra-day trading after its July-September revenue in dollar terms grew 2.7% sequentially, lagging other major IT services exporters, dealers said. The shares recouped some losses to end 4.41% down at ₹ 492.20 on BSE. The benchmark Sensex lost 0.47% to 20,767.88
HCL Technologies Ltd’s dollar revenue grew 3.6% in July-September from April-June, while it was 3.8% at No. 2 Infosys Ltd, and 6% of industry leader Tata Consultancy Services Ltd (TCS).
Bangalore-based Wipro, India’s third-largest IT services company, said on Tuesday consolidated net profit rose an annual 28.5% in the three months ended 30 September to ₹ 1,932 crore. That compares with the ₹ 1,860 crore mean estimate of 29 analysts surveyed by Thomson Reuters.
Goldman Sachs maintains a “sell" rating on the stock.
“Wipro’s 2.7% q-o-q growth remains slowest among large peers despite strong deal announcements in the recent past and 3Q guidance also does not suggest a strong ramp up," Goldman said in a note on Tuesday.
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