Wipro slides after reporting muted revenue growth in IT services business

Wipro was off 2% at Rs 576.30 at 9:22 IST on BSE after the company reported a muted 1.1% growth in IT services revenue in dollar terms on sequential basis in Q1 June 2015.

The stock hit a high of Rs 588.80 and a low of Rs 575.30 so far during the day. The stock had hit 52-week high of Rs 676.90 on 11 March 2015. The stock had hit 52-week low of Rs 512.55 on 24 April 2015.

On BSE, so far 19,819 shares were traded in the counter as against average daily volume of 1.43 lakh shares in the past one quarter.

The large-cap IT company has an equity capital of Rs 493.89 crore. Face value per share is Rs 2.

Wipro's consolidated net profit rose 4% to Rs 2190 crore on 10% in increase in gross revenue to Rs 12240 crore in Q1 June 2015 over Q1 June 2014. The results are as per International Financial Reporting Standards (IFRS). IT services revenue rose 1.1% to $1,794.1 million in Q1 June 2015 over Q4 March 2015. Wipro announced Q1 June 2015 results after market hours yesterday, 23 July 2015. Wipro expects revenue from its IT services business to be in the range of $1,821 million to $1,857 million in Q2 September 2015. Wipro added 36 new customers in Q1 June 2015.

Commenting on the company's first quarter results, T K Kurien, Member of the Board & Chief Executive Officer of Wipro said that Wipro continued to win deals which deploy Wipro HOLMES, which is its Artificial Intelligence platform to drive down costs for customers. Designit's design capabilities in synergy with Wipro's scale in technology services will position Wipro uniquely in Digital, as an integrated design & technology player, Kurien said. It may be recalled that Wipro had early this month announced the acquisition of Designit, one of the largest independent global strategic design firms.

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