Wipro Shares Slide 3% On Muted Earnings

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, July 24, 2015, 11:13 [IST]

Shares in Wipro fell more than 3 per cent after its results lagged estimates. The stock was last trading at Rs 569, down 3.35 per cent over Thursday's close.

Wipro share quote and financials

Wipro reported a four per cent growth in net profits for the quarter ending June 30, 2015 at Rs 2,188 crore, which was broadly in line with expectations.

The company's revenue growth crept by just one per cent, which was way lower other rivals including TCS and Infosys.

However, the company's CEO, T K Kurien was more optimistic on the company's performance going forward despite a dismal performance in this quarter.

The company expects its revenue from IT services in the range $1821 million to $1857 million the company has stated in a release.

Jatin Dalal, Chief Financial Officer of Wipro, said, "We continued to drive productivity and improve operating levers even as we invested for growth in people, process and IP. In the quarter, we maintained strong cash flow generation while operating margins were, on predictable lines, modestly lower due to employee compensation measures."

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