Wipro shares fall as revenue growth lags behind other IT majors

  • Reuters
  • |
  • Updated: Oct 23, 2013 10:26 IST

Shares of India's Wipro Ltd fall as much as 5.5% after its July-September revenue in dollar terms grew 2.7% sequentially, lagging behind other major IT services exporters, dealers say.

On the other hand, HCL Technologies Ltd's dollar revenue grew 3.6 % in July-September from April-June, while it was 3.8% at Infosys Ltd, and 6% of industry leader Tata Consultancy Services Ltd.
 
Bangalore-based Wipro, India's third-largest IT services company, said on Tuesday that consolidated net profit rose an annual 28.5% in the three months ended September 30 to 19.32 billion rupees ($314.2 million).

That compares with the 18.6 billion rupee mean estimate of 29 analysts surveyed by Thomson Reuters I/B/E/S.

But Goldman Sachs maintains a "sell" rating on th`e Wipro stock.

"Wipro's 2.7% qoq growth remains slowest among large peers despite strong deal announcements in the recent past and 3Q guidance also does not suggest a strong ramp up," Goldman said in a note on Tuesday.

 

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