Wipro Shares Drop Over 4 Per Cent After Disappointing Q3 Earnings
Wipro (Photo Credit: PTI)

New Delhi, January 15: Shares of IT services major Wipro on Wednesday fell by over 4 per cent after the company posted 2.17 per cent dip in consolidated net profit for December 2019 quarter.

The scrip declined 4 per cent to Rs 246.65 on the BSE. On the NSE, it dropped 4.12 per cent to Rs 246.60. The company's earnings came in post market hours on Tuesday.

Wipro on Tuesday posted 2.17 per cent dip in consolidated net profit to Rs 2,455.9 crore for December 2019 quarter and estimated up to 2 per cent revenue growth for the fourth quarter.

Wipro's net profit, attributable to shareholders, in the year-ago period was at Rs 2,510.4 crore. Its revenue from operations grew 2.7 per cent to Rs 15,470.5 crore during the period under review from Rs 15,059.5 crore in the same quarter last year (as per Ind-AS). .

Wipro - which gets bulk of its topline from IT services - said it expects revenues from that unit to be in the range of USD 2,095 million to USD 2,137 million in the March quarter. This translates into a sequential growth of flat to 2 per cent.