Overview
- Wipro reported a 7% year-on-year drop in consolidated net profit to Rs 3,119 crore, with revenue up 6% to Rs 23,556 crore for the December quarter.
- The company guided for 0–2% sequential constant-currency growth for Q4, including roughly 150 bps from the Harman acquisition, signaling weak organic momentum.
- The stock fell about 9% in early trade in India after the update, and its US-listed ADRs had slid more than 7% following the earnings and guidance.
- Morgan Stanley downgraded the shares to underweight with a Rs 242 target and Jefferies reiterated underperform at Rs 220, while Nomura and JM Financial kept Buy ratings with targets of Rs 290–310.
- Analysts cited delayed ramp-ups and a sharp quarter-on-quarter drop in bookings, with Nirmal Bang estimating total TCV at $3.34 billion and large deals at $0.87 billion, as demand skews to cost optimization and fewer working days weigh on Q4.