Shares of Wipro zoomed nearly 10 percent in morning trade on Friday after the company posted a 27.7 percent jump in consolidated net profit at Rs 2,972 crore for the March 2021 quarter, and exuded confidence of sustaining strong growth momentum in the coming quarters.
The stock jumped 9.51 percent to Rs 472 — its 52-week high — on the BSE.
At the NSE, it rallied 9.67 percent to Rs 472.35 — it’s a one-year high. The results were announced after market hours on Thursday. Wipro had registered a net profit (attributable to equity holders) of Rs 2,326.1 crore in the year-ago period, as per Indian Accounting Standards (Ind-AS).
Its revenue from operations rose by 3.4 percent to Rs 16,245.4 crore in the reported quarter, from Rs 15,711 crore in the same period last fiscal.
Wipro — which gets a bulk of its topline from IT services — said it expects revenues from that unit to be in the range of USD 2,195 to USD 2,238 million in the June 2021 quarter. This translates into a sequential growth of 2-4 percent.
Wipro’s IT services segment revenue was at USD 2,152.4 million in the March quarter, a sequential growth of 3.9 percent. “Our Q4 performance was built on top of our momentum that we saw in the last quarter. We have reported solid growth in revenue, healthy order booking, and great execution, resulting in robust margins.
“This truly sets the stage for the next quarter and the next financial year,” Wipro CEO and Managing Director Thierry Delaporte told reporters.
He added that revenue of 3.9 percent in reported terms and 3 percent in constant currency terms is at the top quartile of its guidance range.