Wipro share price closed flat at Rs 374.9 ahead of the quarterly results that are scheduled to be announced today. The IT major is expected to report a net profit rise of as much as 15.2% on-year during the fourth quarter ended March 31, 2023, even as few other analysts estimated that profit for the quarter would fall by around 4.9%. According to analysts Wipro is expected to report a double-digit growth in revenue with estimates going as high as 12.3%, aided by strong deal wins.
Wipro shares have risen nearly 4% in the past one month while they have fallen 28% in the past one year. At the current price of Rs 374.3, the company’s market capitalisation stands at Rs 2.05 lakh crore. The stock touched a 52-week high of Rs 537.75 on 26 April 2022 and a 52-week low of Rs 352 on 17 April 2023.
Wipro is expected to report a QoQ revenue decline of 0.5%, said ICICI Securities. “Exposure to impacted verticals such as hi-tech and consumer, the slowdown in discretionary spending and higher exposure to consulting are the drivers of revenue decline in our view. We expect a 10 bps decline in EBIT margin QoQ to 16.2%,” said Kotak Institutional Equities.