Wipro falls nearly 5% after disappointing Q4 earnings

Shares of Wipro today fell by nearly 5 per cent as the company posted over 20 per cent decline in consolidated profit for the March quarter, 2017-18.

The stock after making a weak opening further lost 4.56 per cent to Rs 274.10 on BSE.

At NSE, shares of the company fell 4.57 per cent to Rs 274.

The stock was the worst hit among the bluechips on both Sensex and Nifty during the morning trade.

Wipro yesterday posted over 20 per cent decline in consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18.

The software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms.

Its total income was down 4.9 per cent at Rs 14,304.6 crore in the fourth quarter of last fiscal, compared to Rs 15,045.5 crore in the January-March period of 2016-17. 

The country's third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms.

Its total income was down 4.9 per cent at Rs 14,304.6 crore in the fourth quarter of last fiscal, compared to Rs 15,045.5 crore in the January-March period of 2016-17.

For the entire financial year ended March 31, Wipro's profit fell 6 per cent to Rs 8,003.1 crore, while total income dipped 1.7 per cent to Rs 57,035.8 crore over 2016-17. 

The IT firm said it expected revenue from IT services to be in a range of $2.02-$2.07 billion in the June quarter.