Wipro shares drop 7 per cent as firm reports 9 per cent decline in Q2 profit

New Delhi [India], October 13 (ANI): The shares of Wipro were trading at Rs 378.95 at 12.56 pm in the afternoon, down 7.11 per cent from the previous close. The IT major reported a decline of 9.27 per cent in its consolidated profit after tax at Rs2,659 crore for the quarter ended September 2022. The PAT of the firm was Rs2,930 crore in the year-ago period.
The country's largest IT major was trading in the negative on Thursday morning at Rs3,082.85, a dip of 0.60 per cent, after the earnings missed the market estimates. Another IT major, Infosys, will also declare its earnings for the September quarter later today.
However, during the quarterly earnings, Wipro reported that its consolidated revenue grew 14.6% to Rs22,540 crore as compared to Rs19,667 crore in the same period a year ago. Its operating margin for the quarter under review came in at 15.1%, an increase of 16 bps quarter-on-quarter (QoQ), the company said.
"The solid growth in our bookings, large deal signings, and revenues underscore our improved market competitiveness and enhanced value proposition," Thierry Delaporte, CEO and Managing Director, Wipro, said.
On Thursday, BSE IT was down 0.71 per cent to 27,828.01 on the BSE stock exchange. Volatility in stock markets is still prevalent as markets again declined on Thursday morning. Today's decline was largely due to elevated inflation levels in the country. At 9.42 am, Sensex traded at 57,372.97 points, down 252.94 points or 0.44 per cent, whereas Nifty traded at 17,057.90 points, down 65.70 points or 0.38 per cent.
India's retail inflation surged to 7.41 per cent in September, remaining above the Reserve Bank of India's mandated range of 2-6 per cent for the third straight quarter - nine straight months. In August, the retail inflation was 7 per cent. (ANI)