Wipro Shares Drop After Earnings Announcement

New Delhi, Oct 17 (PTI) Shares of IT services firm Wipro on Friday dropped nearly 5 per cent after the company's September quarter earnings failed to cheer investors.

The stock declined 4.63 per cent to Rs 242 on the BSE.

At the NSE, the stock went lower by 4.65 per cent to Rs 242.

Wipro on Thursday reported a marginal increase in consolidated net profit to Rs 3,246.2 crore in the July-September quarter, even as company CEO and MD Srini Pallia asserted that the demand environment remains robust with discretionary spends shifting towards AI-related projects.

Deepening its AI bet, the Bengaluru-headquartered firm introduced Wipro Intelligence, a unified suite of AI-powered platforms, solutions, and offerings, to tap extensively into the space, where it sees opportunities in consulting and advisory.

Wipro had reported a profit (attributable to equity holders of the company) of Rs 3,208.8 crore in the year-ago period, according to a regulatory filing.

Revenue from operations for the quarter under review rose by 1.7 per cent to Rs 22,697.3 crore compared to the same period of the last year.

Sequentially, profit fell by 2.5 per cent while revenue rose 2.5 per cent.