Stocks

Wipro shares tumble over 6% on profit booking

PTI New Delhi | Updated on January 14, 2021 Published on January 14, 2021

IT services major earlier had posted nearly 21 per cent jump in net profit at ₹2,968 crore for the December 2020 quarter

Shares of Wipro on Thursday declined over 6 per cent as investors booked profits at higher levels.

After opening on a weak note, the stock further tumbled 6 per cent to ₹431 as the trade progressed on the BSE. At the NSE, it plunged 6.31 per cent to ₹430.

IT services major Wipro on Wednesday posted nearly 21 per cent jump in consolidated net profit at ₹2,968 crore for the December 2020 quarter, and said the demand environment is improving steadily.

 

The net profit attributable to shareholders in the year-ago period was at ₹2,455.9 crore, Wipro said in a regulatory filing.

The company logged 3.9 per cent quarter-on-quarter growth in IT services revenue, the "highest in 36 quarters".

Overall, the revenue from operations grew nearly 1.3 per cent to ₹15,670 crore in the quarter ended December 2020 as compared to the corresponding period of the previous year.

This translates into a sequential growth of 1.5 per cent to 3.5 per cent for the March quarter, and the company said the outlook reflects the current demand environment and strength of its new and improved operating model.

"Last year, we witnessed some very unprecedented times and now with improved vaccine prospects, we are filled with optimism for 2021. We are very hopeful that it will be a better year for the society, for businesses, our clients, and for us," Wipro CEO and Managing Director Thierry Delaporte said at an earnings call.

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Published on January 14, 2021
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