Wipro stocks tank over 4% on disappointing Q4 results

At 10.14 Wipro shares were trading down 3.20 percent at Rs 278 a piece.

Wipro stocks tank over 4% on disappointing Q4 results

New Delhi: Shares of IT major Wipro tumbled over 4 percent in the early morning trade on Thursday after the company yesterday reported over 20 per cent decline in its consolidated profit to Rs 1,800.8 crore for the March quarter, 2017-18.

The country's third-largest software services firm had registered a profit of Rs 2,267 crore in the year-ago period, as per Indian accounting norms.

At 10.14 Wipro shares were trading down 3.20 percent at Rs 278 a piece.

For the year ended March 2018, Wipro's profit fell six percent to Rs 8,003.1 crore, while total income dipped 1.7 percent to Rs 57,035.8 crore compared to the previous financial year, the company said.

The company claimed that its digital revenue grew 9% sequentially and 27.6% on a year on year basis in Q4 constituting 26.7% of its revenue.

In terms of client mining, Wipro's top 10 account grew 5.5% sequentially and 14.8% year on year in Q4.

Two of its accounts crossed the $250 million mark on a run rate basis in Q4. The company said it has filed 2,000 patents so far.

With PTI Inputs