Shares of Wipro on Monday ended over 1 per cent higher after the company reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter.
The company's market valuation jumped Rs 2,799.31 crore to Rs 2,18,737.31 crore on the BSE
Shares of Wipro on Monday ended over 1 per cent higher after the company reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December 2022 quarter.
The stock gained 1.27 per cent to settle at Rs 398.65 apiece on the BSE. During the day, it advanced 1.84 per cent to Rs 400.90.
On the NSE, it climbed 1.28 per cent to end at Rs 398.95 per share.
The company's market valuation jumped Rs 2,799.31 crore to Rs 2,18,737.31 crore on the BSE.
In volume terms, 3.03 lakh shares of the company were traded on the BSE and over 1.19 crore shares on the NSE during the day.
On Friday, Wipro Ltd reported a better-than-expected 2.8 per cent rise in consolidated net profit for the December quarter to Rs 3,053 crore and exuded optimism about "strong" bookings for the fourth quarter despite global headwinds.
The company's Q4 guidance, however, came below analysts' expectations. Wipro said its IT services revenue is expected to grow in the range of -0.6 per cent to 1 per cent sequentially in constant currency in the quarter ending March 2023.
The Bengaluru-based company expects revenue from the IT services business for the full year to be in the range of 11.5-12 per cent in constant currency terms.
The revenues of Wipro - which competes with TCS, Infosys, HCL Tech and others in the market - stood at Rs 23,229 crore in the third quarter of FY23, 14.3 per cent higher than the same period of the previous year.
Sequentially, the revenue grew about three per cent over the September quarter, while the net profit rose 14.8 per cent quarter-on-quarter.
Brokerage firm Emkay Global Financial Services said that while IT services margin beat estimates, Q4 guidance is "below expectation".