Wipro share price falls 6% on weak Q4 earnings, suspension of revenue guidance

Wipro share price fell in early trade on Thursday after the IT firm suspended revenue growth guidance for April-June quarter due to uncertainty amid coronavirus pandemic. Share price of Wipro opened 6.03% lower at Rs 175.30 compared to the previous close of Rs 186.55 on BSE.

Wipro share has lost 34.54% in the last one year and fallen 25.19% since the beginning of this year. However, the stock has gained 2.43% in last one month. Later, the large cap stock pared some losses and was trading 2% lower at Rs 182.80 on BSE.

Total 1.28 lakh shares of the firm changed hands amounting to turnover of Rs 2.32 crore. The stock hit its 52-week high of Rs 301 on June 14, 2019 and 52-week low of Rs 159.60 on March 19 this year.

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The IT major reported a dip in fourth-quarter profit on Wednesday that missed estimates due to higher costs.

On a quarterly basis, the company reported a 5.3 per cent fall in consolidated profit at Rs 2,326 crore for January to March period. For the quarter ended December 2019, Wipro had reported a profit of Rs 2,456 crore.

However, revenue rose 1.3 per cent at Rs 15,296 crore in Q4 compared to Rs 15,100 in Q3.

"The quarters ahead seem challenging and require a tremendous response on costs," Chief Financial Officer Jatin Dalal said.

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Net profit rose 8.3 per cent year-on-year at Rs 9,772 crore for the financial year ended March 31, 2020. The Bengaluru-based company reported net profit at Rs 9,017 crore in the financial year 2018-19.

The company posted 4.2 per cent growth in revenue at Rs 61,023.2 crore in FY20 as compared to Rs 5,8584.5 crore in FY19.

Wipro loses $14 -$16 million to coronavirus in March quarter, skips revenue guidance for Q1FY21