Shares of IT services conglomerate, Wipro, dropped nearly 5 per cent on Friday after the company’s September quarter earnings failed to cheer investors, showing a very marginal growth from the year-ago period.
The company’s stock declined 4.63 per cent to ₹242 on the BSE. Meanwhile, at the NSE, the stock went lower by 4.65 per cent to ₹242.
On Thursday, Wipro reported a marginal increase in consolidated net profit to ₹3,246.2 crore in the July-September quarter, as compared to ₹3,208.8 crore profit (attributable to equity holders of the company) in the year-ago period, according to a regulatory filing.
Revenue from operations for the quarter under review rose by 1.7 per cent to ₹22,697.3 crore compared to the same period of the last year.
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Sequentially, profit fell by 2.5 per cent while revenue rose 2.5 per cent.
Company CEO and MD, Srini Pallia, asserted, however, that the demand environment remains robust with discretionary spends shifting towards AI-related projects.
The Bengaluru-headquartered firm introduced ‘Wipro Intelligence’, a unified suite of AI-powered platforms, solutions, and offerings, to tap extensively into the AI space, where it sees opportunities in consulting and advisory.
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