India’s one of the major IT companies, Wipro has underperformed relative to its peers recently. Wipro has delivered 23.70 per cent negative year to date returns , while industry leaders TCS, Infosys and HCL tech have delivered only 6 -7 per cent negative returns.
Wipro had reported a 6 per cent fall in profit at Rs 2,345.20 crore for the March quarter compared to Rs 2,493.90 crore last year. The revenue for the quarter rose by 4.7 percent to Rs 15,711 crore from Rs 15,006 crore last year. The operating margin stood at 17.6 per cent, down by 0.8 per cent from the corresponding quarter last year.
Revenue had taken a hit of around $14-16 millions due to Coronavirus pandemic. Management had not given any revenue guidance for the future quarter due to uncertainty.