Wipro shares fell as much as 2.2 per cent in the early trade on Monday after the IT major posted 1.8 per cent rise in its consolidated net profit figures to Rs 2,234.1 crore for the quarter ended December 31, 2015. The company earned a net profit of Rs 2,192.8 crore in the year-ago period. Net profit of the company fell marginally 0.06 per cent on quarter on quarter basis.
At 10.01 am, shares of the third largest software services firm were trading 0.62 per cent down at Rs 540.10. The scrip opened at Rs 537.30 and had touched a high and low of Rs 547.25 and Rs 531, respectively, in trade so far. Shares of the IT major later closed the day 0.72 per cent up at Rs 547.35.
Wipro saw revenues rising 7.1 per cent to Rs 12,951.6 crore in the said quarter from Rs 12,085.1 in the same period last year, according to a filing on the BSE. The company had already warned of a muted performance in this quarter on account of furloughs and Chennai-floods.
Wipro chief financial officer Jatin Dalal said the impact on revenues from the Chennai floods were minimised significantly by execution of Business Continuity Plans (BCP). “The additional expenses incurred in deploying BCP impacted operating margins for the quarter,” he added.