– Wipro’s shares fell over 8% in early trading following the release of its Q1 earnings report
– Consolidated net profit rose 5.21% year-on-year to Rs 3,036.60 crore, while revenue fell 3.79% to Rs 21,963.80 crore
– IT service revenue came in at Rs 21,896 crore
– Wipro expects September quarter revenue from its IT Services business segment to be in the range of $2,600 million to $2,652 million
– Brokerages have lowered price targets for Wipro, with Nuvama assigning a target of Rs 557 and Choice Broking giving a REDUCE call with a target price of Rs 558
– Motilal Oswal has a neutral call on the IT stock, cutting its price target by 10% to Rs 500
– Experts have varying opinions on Wipro’s performance, with some seeing potential for improvement while others are more bearish