Wipro Shares Fall As Guidance Worries Investors

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, October 23, 2015, 11:02 [IST]

Wipro shares fell, despite the company reporting a decent set of numbers for the quarter ending Sept 30, 2015.

The shares dropped 1.7% and were last seen trading at Rs 167.85 after the management sounded cautious on the coming quarters. The management hinted at lower ramp-up in deals and the holiday season, which is traditionally a weak quarter for IT companies.

Wipro reported a 7.2 per cent growth in consolidated net profit at Rs 2,235.4 crore for the second quarter ended September 30, 2015.
The company had posted a net profit (after tax, minority interest and share of profit of associates) of Rs 2,084.8 crore in the year-ago period, the IT firm said in a statement.

Net sales rose by 6.3 per cent to Rs 12,566.8 crore in July-September quarter this fiscal from Rs 11,816 crore in the same period a year ago, it added. In dollar terms, the revenue from IT services registered a quarter-on-quarter growth of 2.1 per cent at USD 1.83 billion, in line with its guidance of USD 1.82 million to USD 1.85 million.

GoodReturns.in with inputs from PTI