Wipro’s growth lags peers, co cautious about recovery

BENGALURU: It’s an uphill task for the hiker. Wipro’s new CEO, Srini Pallia, faces significant challenges as the company’s performance lags behind its peers across various financial metrics. Despite this, Wipro’s shares rose 3% in early trading on the NYSE, reflecting a realistic growth forecast in a volatile demand environment.

In the March quarter, Wipro’s revenue declined by 0.3% sequentially in constant currency, attributed to ongoing weakness in the banking, financial services, manufacturing, and communications sectors.

IT firms remain cautious about the near-term recovery of discretionary spending, indicating continued pressure.