Wipro tanks 9%

Wipro is the top loser on the BSE since the opening bell today morning; the stock slipped almost 9% to hit an intraday low at Rs.508.25 and it is currently trading at Rs.510 levels.

The market is disappointed with its performance for Q1FY25 as they came in much below expectations and its guidance was also disappointing.

The company reported a consolidated gross revenue of $2,635.8 million, down 1% (QoQ) – sixth consecutive quarter of revenue decline. Its net profit came in at Rs.3003 crore, up 5% YoY.

More disappointing was the guidance. The management maintained flat IT services growth for Q2FY25 at $2,600 million to $2,652 million. This translates to sequential guidance of (-)1.0% to +1.0% in constant currency terms.