Wipro Q3 Results Live Updates: IT major likely to see drop in revenue, EBIT margin; profit may grow 2% QoQ
₹2,688.9 crore from ₹2,646.3 crore in the September quarter.Wipro’s IT services revenue in Q3FY24 is expected to fall 2.5% to $2,645 million from $2,713 million in the previous quarter. In rupee terms, revenue is likely to fall 1.4% to ₹22,191.6 crore from ₹22,515.9 crore, QoQ, impacted by seasonal furloughs, weakness in BFSI, and Hitech verticals and weakness in consulting business.
For the IT industry, the December quarter is always a seasonally difficult time, but it became worse due to the ongoing downturn in the US and Europe, which account for the majority of software services exporters' revenue.The slowdown across major verticals and key geographies should persist, with BFSI, Retail, Hi-Tech, and Communications likely to experience higher-than anticipated furloughs in 3Q.Wipro, the IT services major, is set to announce its Q3 results today, January 12. Wipro Q3 results are expected to remain weak with a drop in IT services revenue and operating margins.
Growth guidance and consulting business outlook will be eyed by investors. Download the App to get 14 days of unlimited access to Mint Premium absolutely free!
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