Wipro Edges Lower Ahead Of Q1 Earnings Announcement

Wipro Edges Lower Ahead Of Q1 Earnings Announcement

Wipro's dollar revenue is likely to come in at $1,926 million, up 2.4% from previous quarter.

Shares of IT major Wipro Ltd edged lower today ahead of its first quarter earnings numbers which will be declared later in the day.

Analysts polled by NDTV Profit expect Wipro post consolidated net profit of Rs 2,181 crore on sales of Rs 13,794 crore in the quarter ended June 2016. The IT company in the corresponding quarter of the previous year had reported net profit of Rs 2,235 crore on sales of Rs 13,741 crore.

Wipro's dollar revenue is likely to come in at $1,926 million, up 2.4 per cent from $1,882 million during the previous quarter. In constant currency terms, revenue growth is expected to jump 2.1 per cent.

Gross profit margin or EBIT (earnings before interest and taxes) from Wipro is expected to come at 18.5 per cent compared with 20.1 per cent during the previous quarter due to integration of HealthPlan Services and higher visa expenses.

Analysts would be keenly watching the revenue growth guidance from Wipro for the second quarter of current financial year, stabilisation of the energy vertical and commentary on large deal wins and ramp-up schedule.

Meanwhile, Wipro chief Azim Premji at the company's annual general meeting on Monday said that the US market has been sluggish in the first half of 2016 but growth is expected to pick up in the remaining six months.

As of 11:07 a.m., Wipro shares traded 0.41 per cent lower at Rs 549.70, underperforming the Nifty which was up 0.07 per cent.