Wipro declines after muted growth in Q3 net profit

Wipro lost 1.59% to Rs 534.80 at 9:18 IST on BSE after consolidated net profit rose 2% to Rs 2230 crore on 7% growth in gross revenue to Rs 12860 crore in Q3 December 2015 over Q3 December 2014.

The result was as per International Financial Reporting Standards. The company announced the results before market hours today, 18 January 2016.

Meanwhile, the S&P BSE Sensex was up 36.80 points or 0.15% at 24,491.84.

On BSE, so far 16,000 shares were traded in the counter as against average daily volume of 1.65 lakh shares in the past two weeks. The stock hit a high of Rs 547.25 and a low of Rs 531 so far during the day.

Wipro's revenue from IT services business rose 0.3% to $1,838.30 million in Q3 December 2015 over Q2 September 2015. IT services segment Non-GAAP constant currency revenue in dollar terms grew 1.4% sequentially. Wipro expects revenue from its IT services business to be in the range of $1,875 million to $1,912 million in Q4 March 2016.

Jatin Dalal, Chief Financial Officer of Wipro said that the impact on revenues from the Chennai floods were minimized significantly by strong execution of the company's robust business continuity plans (BCP). The additional expenses incurred in deploying BCP impacted operating margins for the quarter, Dalal said.

Wipro is one of the leading IT services provider.

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