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Wipro s performance in Europe has been disappointing, with execution delays being the root cause. Both profit and revenue figures have dropped. The weakness is expected to continue in Wipro s consulting business, particularly in Europe. The company s guidance for Q3 FY24 is also lower than expected, with a range of -3.5% to -1.5% in constant currency terms. This is seen as a disappointment, as analysts were hoping for a guidance starting from 0 to 1.5%. Overall, the guidance and performance of Wipro have been underwhelming. ....
IT company Wipro posted a 17 per cent jump in consolidated net profit to Rs 2,930.6 crore for the quarter ended on September 30, 2021. The company had posted a net profit of Rs 2,484.4 crore in the same period a year ago. Wipro said that it has surpassed USD 10 billion (around Rs 75,300 crore) annualised revenue run rate and is in position to hire 25,000 people in the next financial year. The company is also resuming work back from office in a staggered manner starting with fully vaccinated ....
Wipro’s revenue came in at about 3.4% in constant currency terms which is somewhere close to the upper end of their guidance. We were expecting somewhere closer to 3% and they have definitely come out with a good set of numbers as far as the revenue aspect is concerned. The IT services profitability also has improved this quarter by about 40 bps and that was also above expectation. There is nothing to complain about the headline numbers. As for guidance, that was slightly more optimistic. They had guided for 1.5-3.5%, which is similar to what they had guided for in the third quarter as well. But maybe nothing much to complain about. Given that they have been able to hit the upper end of the guidance this quarter, there is a good chance that they will hit somewhere close to the upper end even in the fourth quarter as well. ....