Wipro refrains from guidance, Q4 profit down 5.3% sequentially

BENGALURU : Bengaluru-based IT services company Wipro Ltd has been lagging peers for several years now with subdued revenue growth. However, Wipro gained the bellwether status on Wednesday by announcing its earnings ahead of larger peers Tata Consultancy Services (TCS) Ltd and Infosys Ltd, for the first time. The earnings hold significance as it may set the tone for performance of other IT services companies in the days ahead.

Wipro posted a 5.3% sequential decline in net profit to ₹2,326 crore for the fourth quarter ended March mainly due to lower operating margins and higher tax rates as compared to the previous quarter.

Wipro which typically guides for the quarter ahead has refrained from giving revenue guidance for the next quarter due to uncertainties around the covid-19 pandemic.