Wipro tumbled 7.04% to Rs 342.70 at 9:20 IST on BSE after consolidated net profit as per International Financial Reporting Standards rose 17% to Rs 1729 crore on 12% growth in revenue to Rs 11026 crore in Q4 March 2013 over Q4 March 2012.
The result was announced on Friday, 19 April 2013. The stock market was closed on Friday, 19 April 2013, on account of Ram Navmi.
Meanwhile, the BSE Sensex was up 72.64 points, or 0.38%, to 19,089.10.
On BSE, 1.31 lakh shares were traded in the counter as against an average daily volume of 1.82 lakh shares in the past one quarter.
The stock hit a high of Rs 350 and a low of Rs 336.55 so far during the day. The stock had hit a 52-week high of Rs 418.25 on 9 April 2013. The stock had hit a 52-week low of Rs 290.11 on 30 July 2012.
The stock had underperformed the market over the past one month till 18 April 2013, sliding 14.97% compared with the Sensex's 1.43% fall. The scrip had also underperformed the market in past one quarter, falling 7.18% as against Sensex's 5.10% fall.
The large-cap IT company has an equity capital of Rs 492.57 crore. Face value per share is Rs 2.
Wipro said net profit from continuing operations rose 13% to Rs 1576 crore on 13% growth in revenue to Rs 9614 crore in Q4 March 2013 over Q4 March 2012. Wipro demerged all its non-IT businesses into a separate company with effect from 31 March 2013 and therefore the company has given separate information on continuing operations as a pure play IT company. Net profit from continuing operations rose 17% to Rs 6136 crore on 17% growth in revenue to Rs 37688 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).
Wipro's IT services revenue rose 0.5% to $1.585 billion in Q4 March 2013 over Q3 December 2012. On year on year basis, IT services revenue rose 3.2% to $1.585 billion in Q4 March 2013 over Q4 March 2012. Wipro expects a between 0.63% fall to a growth of 1.57% in revenue from IT services business at between $1.575 billion to $1.61 billion in Q1 June 2013 over Q4 March 2013.
At a post-result conference call, Wipro's management indicated that Q1 for Wipro will be the traditionally weak quarter on account of softness from the India business. The management expects Q2 September 2013 to be better than Q1 June 2013 for the company.
Commenting on the financial performance for the quarter and year ended 31 March 2013, Azim Premji, Chairman of Wipro, said: "We have completed the demerger of the 'Diversified Business' effective 31 March 2013 to make Wipro a pure play IT company. We are confident that being a technology-focused company will provide a fresh momentum for growth."
Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said: "The cross currencies have been volatile and impacted our financial performance in the quarter. Excluding the impact of foreign exchange, we have been able to maintain margins on a sequential basis. We have shown significant improvements in cash flow generation for the year."
T K Kurien, Executive Director & Chief Executive Officer, IT Business, said: "We continue to see improvement in our customer satisfaction and employee engagement. Our continued investments in the go-to-market organization positions us well for the future."
Wipro provides comprehensive IT solutions and services, including systems integration, information systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally.
Powered by Capital Market - Live News
