The result came in line Now, a poll estimate of Rs 2,490 crore.
Shares of IT major Wipro NSE 1.83 percent rise 3 % in morning trade Today.
The country’s largest IT firm posted a 37.74 % year-on-year (YoY) rise in consolidated net profit at Rs 2,483 crore for the quarter ended 31 March. The result came in line with SOURCES poll estimate of Rs 2,490 crore.
Shares of the company rose even as brokerages are of the view that the company is likely to continue to underperform peers in terms of growth given its persistent execution challenges and gloomy outlook.
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Edelweiss, Prabhudas Lilladher and Reliance NSE 2.28 percent Securities have retained hold rating while Nomura and Motilal Oswal NSE -0.97 percent have a neutral rating on Wipro. The consensus ratings are divided as 22 of the 49 analysts tracking the stock have a hold rating on it while 18 have a sell rating, Bloomberg data showed. Nine analysts have a buy rating. Analysts have largely retained the target prices post the result.
CLSA believes the buyback, though positive, should not trigger a rerating unless it is a regular feature but some others believe the buyback will support the stock price.
Shares of the company traded 1.28 % up at Rs 284.70.
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