Wipro, India’s third-largest IT services exporter, has reported a 0.9% sequential decline in net profit in rupee terms for the September quarter, impacted by wage hikes and its top clients curbing their technology spends. The net profit stood at R2,084 crore, failing to meet Street expectations. Wipro has provided a dollar revenue guidance in the range of 2-4% for the December quarter, as it expects the second half of the fiscal to deliver better results.
Analysts were clearly not impressed. Sanchit Vir Gogia, chief analyst & CEO of Greyhound Research, noted thus, “With a sequential growth of 1.8% q-o-q, Greyhound Research believes that this quarter has been poor and far from industry standards. Their business continues to be a well balanced portfolio between infrastructure and application services, but BPO, product engineering and ADM continue to decline. While Wipro continues to have strong focus on cloud services, they need to increase their focus on Cloud-delivered managed services.
To read the Full Article, click here: Financial Express