Wipro shares take a hit after mixed Q3 results
Wipro's stock slid over 9% in early trading on Monday, reacting to its latest quarterly results that showed profits down and only modest growth.
Shares dipped to ₹241.55 before settling a bit higher at ₹247.40—a 7.5% loss.
Why does this matter?
For anyone watching the tech space or thinking about investing, Wipro's numbers are a reality check.
Net profit fell 7% year-on-year to ₹3,119 crore, impacted by cost pressures, including expenses linked to labor code-related adjustments, though adjusted profit barely budged upward.
On the bright side, IT services revenue grew 1.2% from last quarter and margins hit their best level in years.
What's behind the slide?
Wipro's outlook for next quarter is pretty cautious—they're expecting flat to just 2% growth in IT services revenue, which is less than what most analysts hoped for.
The company did announce a ₹6 per share dividend, but it wasn't enough to lift investor mood this time around.