Wipro declared Q1 results with 18 per cent increase in net profit year-on-year. The company reported net profit of Rs 1580 crore compared to Rs 1481 crore during the same quarter last year. The company has announced that it expects flat performance in second quarter.
Due to uncertain economic environment in Europe and United States, the company is not expecting much of improvement in margins or revenues from both markets.
Wipro senior officials has expressed that the company's market share will be better in upcoming 12-18 months. India's second largest software exporter Infosys also reduced its future guidance as the market conditions remain under pressure.
Wipro consumer care has acquired Yardley business from Lornamead Group in UK and some other European markets. The company has not received control over German and Austrian business of Yardley.
Wipro recorded high trade on NSE with 3.1 million shares changing hands till 3 pm on Tuesday. The stock was down by 3 % at 345 and touched intraday low of Rs 340. The stock has touched 52-week high and low of Rs 453 and 310 on NSE.
Angel Broking has reduced the ratings for Wipro after the company announced lower future earnings guidance.