Stock: Profits of this renowned IT company increased by 4.6%, but revenues fell.
Stock: Bengaluru-based IT major Wipro reported a 4.6% jump in its consolidated net profit in the first quarter of the current fiscal, which reached Rs 3,003.2 crore. Despite this growth, the company's revenue declined by 3.8% to Rs 21,963.8 crore during the same period. Wipro said in a statement that it expects its IT services division's revenue to fall in the range of $260-265.2 million in the next quarter ending September. Wipro wins USD 1 billion deal Srini Balia, CEO and Managing Director of Wipro said that the company has achieved success this quarter by closing several large contracts worth more than USD 1 billion. Additionally, he highlighted the company's strong performance in key accounts of Wipro, particularly the 'Americas 1' strategic market unit and the banking, financial services, insurance (BFSI) and consumer industries. Investors have high confidence in the company's stock. Also Read: RBI Governor: Economic growth on track, focus on curbing inflation Wipro stock is performing well in the stock market: Profits of this renowned company increased by 4.6%, but revenue fell by 4. On Friday, shares of the company fell 2.78 percent to Rs 557.25 on the BSE. Despite this fall, the stock bounced back and started trading at Rs 580, a new high this year. In comparison, the stock first touched Rs 375 on October 26, 2023 and then touched a new high of Rs 580 on July 19, 2024. Wipro Limited, India's third largest IT company, was founded in 1966 by Azim. Premji did. Also Read: HDFC Bank leads in CSR spending, spends Rs 945 crore on social welfare