Wipro is having a fantastic day; from its close of Rs.465.45, the stock opened today at Rs.511.95 and soon jumped up to hit a new ‘almost’ two-year high at Rs.526.45, up more than 13%.

Though the company’s Q3FY24 earnings dropped, the market is celebrating as it did not come in as disappointing as most analysts had expected; the numbers exceeded all expectations.

The company reported a 12% (YoY)  and down 4.4% (QoQ) drop in net profit at Rs.2694 crore. Revenue came in at Rs.22,205 crore, down 1.4% (QoQ) and down 4.4% (YoY).

In constant currency (CC), revenue dropped by 1.7% QoQ and 6.9% YoY.

The company’s total order intake during the quarter in CC was at $3.8 billion, flat sequentially but up 13.5% (YoY). Large deal orders were at $0.9 billion.

In terms of guidance, the company expects revenue from its IT services business segment to be in the range of $2,615 million to $2,669 million (was at 2656.1 million in Q3FY24), which on QoQ, is a guidance of -1.5% to +0.5% in CC terms.