Wipro slips over 5% in two sessions

Wipro fell 1.16% to Rs 486.50 at 12:12 IST on BSE, extending Wednesday's 4.41% fall triggered by the company's dollar revenue growth from IT services in Q2 September 2013 lagging that of its peer companies.

Wipro announced the result after market hours on Tuesday, 22 October 2013. The stock fell 4.41% to Rs 492.20 on Wednesday, 23 October 2013. The stock is down 5.52% in two sessions from Rs 514.90 on Tuesday, 22 October 2013.

Meanwhile, the BSE Sensex was up 164.38 points, or 0.79%, to 20,932.26.

On BSE, 1.58 lakh shares were traded in the counter compared with average volume of 3.06 lakh shares in the past one quarter.

The stock hit a high of Rs 494 and a low of Rs 486.05 so far during the day. The stock hit a 52-week high of Rs 519.50 on 15 October 2013. The stock hit a 52-week low of Rs 315.30 on 31 May 2013.

The stock had underperformed the market over the past one month till 23 October 2013, rising 1.78% compared with the Sensex's 4.36% rise. The scrip had, however, outperformed the market in past one quarter, rising 28.11% as against Sensex's 2.29% rise.

The large-cap company has an equity capital of Rs 493.01 crore. Face value per share is Rs 2.

Wipro reported 28% growth in consolidated net profit from continuing operations to Rs 1932 crore on 19% growth in revenue from continuing operations at Rs 10992 crore in Q2 September 2013 over Q2 September 2012. The results are as per International Financial Reporting Standards. Wipro said non-GAAP adjusted net profit from continuing operations jumped 29% to Rs 1932 crore in Q2 September 2013 over Q2 September 2012.

Non-GAAP constant currency IT services revenue in dollar terms grew 3.2% sequentially and 7.9% year-on-year (YoY), Wipro said. IT services revenue stood at $1.6311 billion in Q2 September 2013, a sequential increase of 2.7% and YoY increase of 5.9%. IT services revenues in rupee terms stood at Rs 10068 crore in Q2 September 2013, an increase of 20% YoY. IT services Earnings Before Interest and Tax (EBIT) was Rs 2264 crore in Q2 September 2013, an increase of 31% YoY.

Wipro expects 1.77% to 3.61% growth in revenues from IT services business at $1.66 billion to $1.69 billion in Q3 December 2013 over Q2 September 2013.

Wipro provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally.

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