Wipro shares end nearly 1% up post earnings

Shares of software exporter Wipro Ltd today ended with nearly 1 per cent gains after the company reported a 2 per cent rise in net profit for the December quarter.
The stock rose by 0.72 per cent to settle at Rs 547.35 on BSE. During the day, it gained 1.24 per cent to Rs 550.20.
At NSE, shares of the company rose by 0.74 per cent to end at Rs 547.15.
"During the third quarter FY16, the company posted numbers lower-than-expected on all fronts," said Sarabjit Kour Nangra, VP Research - IT, Angel Broking.
India's third-largest software exporter Wipro Ltd today reported a 2 per cent rise in December quarter net profit as business was hit by Chennai rains and seasonal furloughs.

Net profit rose to Rs 2,234.1 crore in the October-December period of the current fiscal, while revenue from IT services grew 9 per cent to Rs 12,310 crore (USD 1.84 billion), meeting guidance.

Operating margins for its IT services business, calculated as sales minus costs, fell to 20.2 per cent from 21.8 per cent a year earlier due to floods in Chennai where it employs 13 per cent of its staff.
"We delivered revenues in line with our guidance. We saw a pickup in large deal closures led by global infrastructure services," T K Kurien CEO of Wipro said.
Wipro forecast IT services revenue to grow marginally between USD 1.87 billion and USD 1.91 billion for the fourth quarter ending March.

The company had posted a net profit of Rs 2,192.8 crore in the third quarter of the previous fiscal.