Wipro share price falls over 3% on decline in Q3 net profit, weak revenue guidance

Wipro share price fell in early trade today after the IT firm reported earnings for the third quarter that came below expectations. Share price of Wipro declined 3.17% to Rs 249 compared to the previous close of Rs 257.15 on BSE.

The IT stock opened 1.61% lower at Rs 253.05 on BSE. Market cap of Wipro fell to Rs 1.42 lakh crore. Share price of Wipro has fallen after two days of gain. However, the large cap stock has gained just 0.56% in one year. 1 lakh shares of the firm changed hands amounting to turnover of Rs 2.35 crore on BSE.

The stock closed 3.50% or 9 points lower at Rs 248.15 on BSE. On NSE,  the share ended 3.50% to Rs 248.20.

Wipro reported a 3.2 per cent YoY fall in Q3 consolidated profit to Rs 2,462.90 crore. It forecasted a moderate growth in its guidance of 0-2 per cent in terms of revenue. The company expects revenue from IT services business to be in the range of $2,095-$2,137 million for the quarter ended March 31. Wipro stock fell 3.29% to Rs 248.75 on BSE.

Revenue in Q3 rose 2.73 per cent to Rs 15,470.50 crore from Rs 15,100.60 crore during the same period of last fiscal. IT services operating margin for the quarter was at 18.4 per cent, logging an increase of 0.3 per cent QoQ.

Wipro Q3 profit drops 3% to Rs 2,463 crore; revenue up 2.73%

Stocks in news: Wipro, Mindtree, Indiabulls Housing Finance, Canara Bank and more

By Aseem Thapliyal