Wipro shares were up 2.4 per cent at Rs 265.85 following the Q1 results. Wipro’s profit rose 13 per cent due to robust demand from financial clients and the company said its main information technology business could show modest growth in the current quarter.
Revenue rose 5.3 per cent, led by 13.5 per cent growth in its dominant banking, financial services and insurance unit.
Still, the results got the thumbs down from several analysts: Nomura, Jefferies, Morgan Stanley, Investec and Kotak, all call Wipro's Q1 numbers weak or disappointing.
Read also: Wipro Q1 net jumps 12.5% to Rs 2,388 cr
“We see no signs of turnaround visible and think the company is unlikely to achieve its FY20 guidance of revenue growth ahead of FY19,” said Nomura, citing closure of large programmes, project deferrals and macro uncertainty.
Wipro has risen about 6 per cent this year. Competitors, TCS and Infosys were up 11 per cent and 18 per cent, respectively. Both the rival IT firms reported Q1 results this month.
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