Wipro net profit falls short of forecast for July-September quarter as client spending dips

The net profit of Wipro missed Street estimates for the second quarter ended September 30 even as revenues declined for the third straight quarter amid a weak environment marked by lower discretionary spending by clients following high inflation and elevated interest rates, globally.

The company posted a consolidated net profit of Rs 2,667.3 crore in the second quarter compared with Rs 2,649 crore in the corresponding period of the previous year. Analysts had forecast a net profit of around Rs 2,900 crore.