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Wipro gains on raising Q1 revenue growth guidance

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Wipro rose 2.66% to Rs 503 after the IT major raised its flagship IT services revenue growth guidance for the June quarter to 8-10% sequentially.

In March this year, Wipro signed an agreement to acquire Capco, a global management and technology consultancy to banking and financial services industry, for $1.45 billion. London-headquartered Capco is a global management and technology consultancy providing digital, consulting and technology services to financial institutions in the Americas, Europe and the Asia Pacific.

The acquisition completed on 29 April 2021. Consequently, the IT major announced an upward revision in its revenue outlook for Q1 FY22.

For the quarter ending 30 June 2021, the IT company said that it expects revenue from IT services business to be in the range of $2,324 million to $2,367 million. This translates to a sequential growth of 8% to 10%. This does not include revenue from its recently announced acquisition of Ampion.

While announcing its fourth quarter results, Wipro had forecast that it expects revenue from IT services business to be in the range of $2,195 million to $2,238 million, which translates to a sequential growth of 2% to 4%.

Wipro is a global information technology, consulting and business process services company. The IT major's consolidated net profit grew 27.78% to Rs 2,972.30 crore while revenue increased 3.4% to Rs 16245.40 crore in Q4 FY21 over Q4 FY20.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, April 30 2021. 10:49 IST