Wipro ADR Falls Over 11% On Tepid Outlook
The American Depository Receipts of Wipro Ltd. fell by as much as 11.75% on Friday, after it gave a moderate outlook for the second quarter of the financial year ending March 2025.
The IT major's ADR fell to $6.080 per share, which is the lowest since June 28, 2024.
The Bengaluru-based software services provider now expects revenue to increase or decrease by up to 1% in the second quarter of this fiscal, according to its media statement to the exchanges.
The company's revenue from the IT services business segment is expected to be in the range of $2.6 billion and $2.65 billion in the July–September period.
The company's IT services revenue declined 1% on a sequential basis to Rs 21,964 crore in the April–June quarter. Analysts tracked by Bloomberg had expected the revenue to be Rs 22,237.4 crore.
The company's net profit rose 6% quarter-on-quarter to Rs 3,037 crore in the quarter ended June 20, 2024. This compares with the Rs 2,931.21 crore consensus estimate of analysts tracked by Bloomberg.
Large deal bookings during the quarter ended June of this financial year stood at $1,154 million, a decrease of 3.1% on a sequential basis and a fall of 3.6% on a yearly basis. Total bookings came in at $3.28 billion in the April–June period, lower than the $3.6 billion recorded in the preceding quarter.
The shares of Wipro closed 2.83% lower on Friday at Rs 557, compared to a 1.12% decline in the NSE Nifty 50 index.
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