Wipro shares fall over 6% as quarterly profit, outlook disappoint

BENGALURU: Shares of Wipro Ltd fell as much as 6.3 per cent on Thursday, a day after the Indian IT services provider reported subdued growth in quarterly profit while larger peers posted strong results amid upbeat demand outlook.
Wipro posted on Wednesday a 30 per cent rise in December-quarter revenue but flat net profit growth, while Infosys raised its revenue forecast and Tata Consultancy Services predicted robust demand, saying they expect tech spending to continue, particularly for digital services.
Wipro said it closed 11 large deals with a total contract value of more than $600 million in the third quarter, but analysts at Ambit capital termed the wins “tepid,” saying the total value was largely unchanged from the previous quarter.
Bengaluru-based Wipro forecast March-quarter revenue from the IT services segment to be in a range of $2,692 million to $2,745 million, compared…

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