Wipro stock slips over 2 pc post Dec quarter results

New Delhi: Shares of Wipro on Monday slipped over 2 per cent after the India's third largest IT firm posted an 8.4 per cent fall in its consolidated net profit for the December quarter.

On the BSE, its stock settled for the day at Rs 320.80, down 2.33 per cent from the previous close. During the session, shares fell as much as 3.27 per cent to touch an intra-day low of Rs 317.70 apiece. The stock closed the day at Rs 322.20 a unit, down 2.05 per cent on the NSE.

In terms of equity volume, 7.32 lakh shares of the company were traded on the BSE and over 45.72 lakh scrips changed hands on the NSE during the day.

For the December quarter, the company's consolidated net profit fell 8.4 per cent to Rs 1,931.3 crore.

Its net profit (attributable to shareholders) stood at Rs 2,109.6 crore in the year-ago period, as per Indian accounting norms (Ind-AS). Its revenue from operations was nearly flat at Rs 13,669 crore in the quarter under review.

The company missed its IT services revenue forecast of USD 2.014-2.054 billion, clocking USD 2.013 billion in the said quarter. The company, however, said that it has been witnessing an improving trajectory of growth.

"... we have been seeing an improving trajectory of growth over the past four quarters and our Q4 guidance further reflects that. While there are some customer specific uncertainties, CY18 commentary from our clients look positive and we are on the right track for FY19," Wipro CEO and Member of the Board Abidali Z Neemuchwala said.