Wipro drops after weak Q3 results

Wipro lost 1.39% to Rs 323.90 at 9:54 IST on BSE after consolidated net profit fell 11.85% to Rs 1930.10 crore on 1.82% growth in net sales to Rs 13669 crore in Q3 December 2017 over Q2 September 2017.

The result was announced after market hours on Friday, 19 January 2018.

Meanwhile, the S&P BSE Sensex was up 126.47 points or 0.36% at 35, 638.05.

On the BSE, 72,000 shares were traded on the counter so far as against average daily volumes of 1.56 lakh shares in the past one quarter. The stock had hit a high of Rs 328.20 and a low of Rs 317.70 so far during the day. The stock had hit a 52-week high of Rs 334.75 on 16 January 2018 and a 52-week low of Rs 222.78 on 31 January 2017.

The stock had outperformed the market over the past one month till 19 January 2018, gaining 12.43% compared with the Sensex's 4.95% rise. The stock had also outperformed the market over the past one quarter, advancing 12.54% as against the Sensex's 9.64% rise. The scrip had also outperformed the market over the past one year, surging 37.46% as against the Sensex's 30.04% rise.

The large-cap company has equity capital of Rs 904.68 crore. Face value per share is Rs 2.

Wipro's revenue from IT services in dollar terms in Q3 December 2017 remained flat sequentially and increased by 5.8% YoY. The company expects revenue from IT Services business to be in the range of $2,033 million to $2,073 million for Q4 March 2018.

Abidali Z. Neemuchwala, CEO and member of the board said, the company continued to improve its growth trajectory driven by strong momentum in BFSI and uptick in Healthcare. This is also reflected in its outlook for Q4 March 2018. Wipro's leadership in Digital continues to strengthen with over 25% of its revenues now coming from Digital, Neemuchwala added.

Jatin Dalal, Chief Financial Officer said, the company has made strong progress in its client mining with number of clients contributing revenues over $50 million increasing from 33 to 41 in the last 1 year. In the first 9 months of FY 2018, Wipro generated robust operating cash flows over the same period last year, Dalal added.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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