Wipro dips post Q3 earnings

Expects revenues to be in the range of $1,585 million to $1,625 million from IT Services business in Q4FY13.

Wipro has dipped over 5% to Rs 409 after India’s third largest software services exporter said that it expects revenues in the range of $1,585 million to $1,625 million from its IT services business for the quarter ending March 31, 2013 (Q4) against $1,577 million reported in December 31, 2012 (Q3) quarter.

Meanwhile, the company has reported a 6.5% quarter-on-quarter growth in consolidated net profit at Rs 1,716 crore for Q3, while its total revenues grew 3.5% to Rs 10,989 crore on sequential basis.

Analysts on an average were expecting net profit at Rs 1,626 crore and revenue of Rs 10,849 crore for the quarter.

 

“The company has expanded operating margins sequentially through improvements in revenue productivity and improved cash flow generation through efficient working capital management,” said Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro.

The board has declared an interim dividend of Rs 2 per equity share of face value of Rs 2 each of the company.

The stock opened at Rs 438 and hit a low of Rs 408 on the NSE. A combined 4.15 million shares have changed hands on the counter so far on both the exchanges.