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Wipro has rallied over 7% to Rs 596 on National Stock Exchange (NSE) after reported a better-than-expected 5% quarter on quarter growth in net profit at Rs 2,192 crore for the financial year’s third quarter ended December 31, 2014 (Q3). Revenue at Rs 11,992 crore grew 2.7% sequentially.
Analyst on an average expected profit of Rs 2,157 crore on revenues of Rs 11,830 crore.
In the information technology (IT) services business, excluding products, Wipro managed to inch closer to the upper end of its earlier forecast in constant currency terms, posting 3.7% growth at $1,836.2 million. This was better than what competitors TCS and Infosys reported during the same period. However, in dollar terms, infotech services revenue growth was 1.3% sequentially, ahead of the Street’s expectation of 0.8%.
The company expects revenues from IT Services business to be in the range of $ 1,814 million to $ 1,850 for the quarter ending March 31, 2015.
The stock opened at Rs 591 and hit a high of Rs 599 on NSE. A combined 1.9 million shares changed hands on the counter till 0945 hours on NSE and BSE.
Analyst on an average expected profit of Rs 2,157 crore on revenues of Rs 11,830 crore.
In the information technology (IT) services business, excluding products, Wipro managed to inch closer to the upper end of its earlier forecast in constant currency terms, posting 3.7% growth at $1,836.2 million. This was better than what competitors TCS and Infosys reported during the same period. However, in dollar terms, infotech services revenue growth was 1.3% sequentially, ahead of the Street’s expectation of 0.8%.
The company expects revenues from IT Services business to be in the range of $ 1,814 million to $ 1,850 for the quarter ending March 31, 2015.
The stock opened at Rs 591 and hit a high of Rs 599 on NSE. A combined 1.9 million shares changed hands on the counter till 0945 hours on NSE and BSE.
