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wipro share price: Wipro shares 9% tank in 3 days after Q2 earnings announcement

Shares of the IT services provider fell 8.7% to Rs 372.40 in the past three trading sessions after the company reported a 9.3% year-on-year decline on Wednesday ( YoY) of its profit after tax (PAT) for the second quarter ended September 30, 2022.

The profit figure was lower than the Rs 2,820 crore predicted in an ET NOW poll.

Meanwhile, the IT major’s second quarter revenue rose 14.6% year-on-year to Rs 22,540 crore.

Anand James, Chief Market Strategist at

said: “On the face of it, a further break below the recent low, which has held since late June, is a clear red signal (for Wipro shares). But, put into perspective, the stock has fallen nearly double other IT biggies like or , from the 2021 peak. painting any signs of reversal, we could be in for another consolidation before the run starts. Deeper support is seen at Rs 282.”

The Bengaluru-based company’s operating margin in the IT services segment increased by 16 basis points quarter-on-quarter (QQ) to 15.1% in the said quarter. In constant currency terms, IT Services segment revenue increased 4.1% quarter-on-quarter and 12.9% year-on-year.

During the September quarter, Wipro’s Top 5 Customers grew 19% YoY and Top 10 Customers grew 17% YoY in constant currencies.

Wipro said its large contract bookings increased 42% year-over-year in the first half of 2023. Overall backlog in terms of TCV increased 24% year-on-year in the second quarter.

As of 12:06 p.m., the scrip was trading down 0.19% to Rs 376.6 from its last day’s trading price of Rs 377.30 each. The stock has fallen nearly 30% in the past six months while it is down 48% since the start of the year.

(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)