Wipro falls as revenue growth lags peers

Reuters Market Eye - Shares of Wipro Ltd fell as much as 6.3 percent after its July-September revenue in dollar terms grew 2.7 percent sequentially, lagging other major IT services exporters, dealers said.

HCL Technologies Ltd's dollar revenue grew 3.6 percent in July-September from April-June, while it was 3.8 percent at No. 2 Infosys Ltd , and 6 percent of industry leader Tata Consultancy Services Ltd .

Bangalore-based Wipro, India's third-largest IT services company, said on Tuesday consolidated net profit rose an annual 28.5 percent in the three months ended September 30 to 19.32 billion rupees. That compares with the 18.6 billion rupee mean estimate of 29 analysts surveyed by Thomson Reuters I/B/E/S.

 

Goldman Sachs maintains a "sell" rating on the stock.

"Wipro's 2.7 percent qoq growth remains slowest among large peers despite strong deal announcements in the recent past and 3Q guidance also does not suggest a strong ramp up," Goldman said in a note on Tuesday.

Wipro shares were down 5.7 percent at 1000 am.

(Reporting by Abhishek Vishnoi)