Wipro shares fall 3.5 pc after Q3 earnings

Shares of IT services major Wipro fell 3.50 per cent on Wednesday after the company posted a 2.17 per cent dip in consolidated net profit for December 2019 quarter.

The scrip declined 3.50 per cent to close at Rs 248.15 on the BSE. During the day, it dropped 4 per cent to Rs 246.65.

At the NSE, shares dipped 3.49 per cent to close at Rs 248.20.

In terms of volume, 3.66 lakh shares of the company were traded on the BSE during the day, while over 1 crore shares changed hands on the NSE.

The company declared its October-December quarter earnings post market hours on Tuesday.

It posted a 2.17 per cent dip in consolidated net profit at Rs 2,455.9 crore for December 2019 quarter and estimated up to 2 per cent revenue growth for the fourth quarter.

Wipro's net profit, attributable to shareholders, in the year-ago period was at Rs 2,510.4 crore.

Its revenue from operations grew 2.7 per cent to Rs 15,470.5 crore during the period under review from Rs 15,059.5 crore in the same quarter last year (as per Ind-AS).

Wipro, which gets bulk of its topline from IT services, said it expects revenues from that unit to be in the range of USD 2,095 million to USD 2,137 million in the March quarter.

This translates into a sequential growth of flat to 2 per cent.