Shares of Wipro slipped by more than 4 per cent on the bourses today after the company posted a .1.23 per cent rise in first quarter net profit.
The country's third largest software exporter Wipro today reported a growth of 1.23 per cent in consolidated net profit for the quarter ended June 30, 2011, to Rs 1,334.9 crore.
Last year, the company had posted a net profit of Rs 1,318.6 crore for the first quarter, as per international accounting standards.
Shares of the company opened on a bullish note but soon lost ground and slipped into negative territory. They were trading at Rs 397.45 apiece, down 4.23%, at 11:56 hours on the Bombay Stock Exchange.
Marketmen said even though Wipro's Q1 numbers beat market estimates, the stock slipped because of profit booking.
Net income from sales during the reporting quarter stood at Rs 8,564 crore, as against Rs 7,236.4 crore in Q1, FY'11, up 18.34 per cent.
"We are seeing early signs of positive momentum after the re-organisation. Clients continue to focus on optimising operations, creating new products and getting access to newer markets. We will continue to make investments that bring superior value to our clients as they try to win in this market," Wipro Chairman Azim Premji said in a statement.
IT services, which contributed 75 per cent to the company's revenues in Q1, FY'12, stood at $1,408 million, a sequential increase of 0.5 per cent and a year-on-year increase of 16.9 per cent.
The company said it expects its revenues from the IT services business to be in the range of $1,436 million to $1,464 million for the second quarter ending September 30, 2011.
The country's third largest software exporter Wipro today reported a growth of 1.23 per cent in consolidated net profit for the quarter ended June 30, 2011, to Rs 1,334.9 crore.
Last year, the company had posted a net profit of Rs 1,318.6 crore for the first quarter, as per international accounting standards.
Shares of the company opened on a bullish note but soon lost ground and slipped into negative territory. They were trading at Rs 397.45 apiece, down 4.23%, at 11:56 hours on the Bombay Stock Exchange.
Marketmen said even though Wipro's Q1 numbers beat market estimates, the stock slipped because of profit booking.
Net income from sales during the reporting quarter stood at Rs 8,564 crore, as against Rs 7,236.4 crore in Q1, FY'11, up 18.34 per cent.
"We are seeing early signs of positive momentum after the re-organisation. Clients continue to focus on optimising operations, creating new products and getting access to newer markets. We will continue to make investments that bring superior value to our clients as they try to win in this market," Wipro Chairman Azim Premji said in a statement.
IT services, which contributed 75 per cent to the company's revenues in Q1, FY'12, stood at $1,408 million, a sequential increase of 0.5 per cent and a year-on-year increase of 16.9 per cent.
The company said it expects its revenues from the IT services business to be in the range of $1,436 million to $1,464 million for the second quarter ending September 30, 2011.
