Wipro shares end flat ahead of Q4 results announcement; Board to consider share buyback proposal today

Wipro shares end flat ahead of Q4 results announcement; Board to consider share buyback proposal today

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.