Wipro stock slips more than 3% post Q3 earnings

Shares of Wipro today slipped more than 3 per cent in morning trade on BSE after the third largest IT services firm posted 8.4 per cent fall in consolidated net profit for the December quarter.

Wipro opened on a weak note at Rs 319.50 and fell further 3.27 per cent to an early low of Rs 317.70 on BSE.

On the Naional Stock Exchange, the stock opened at Rs 327.00, then lost further ground to touch an early low of Rs 320.50, down 1.49 per cent from previous closing price.

The stock was the second highest loser in percentage terms among Sensex scrips.

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