Mon Jan 20 03:40:00 UTC 2025: ## Wipro Shares Surge 8% on Better-Than-Expected Q3 Earnings

**Mumbai, January 20** – IT giant Wipro’s stock price soared nearly 8 percent on Friday following the release of its better-than-expected Q3 earnings. The company reported a consolidated net profit of Rs 3,354 crore, exceeding analysts’ predictions of a 5 percent decline. Revenue also marginally increased to Rs 22,319 crore, defying expectations of a decrease.

Wipro’s strong performance was attributed to operational efficiencies and cost optimization, leading to a three-year high EBIT margin of 17.5 percent. This marked the fourth consecutive quarter of margin expansion.

Several brokerages reacted positively to the results. Nomura retained its “buy” rating with a target price of Rs 340, while Macquarie maintained its “outperform” rating and a Rs 330 target. Nuvama Institutional Equities upgraded its rating to “buy” with a target price of Rs 350, citing a favorable portfolio mix, strong leadership, and attractive valuations. Citi, while maintaining a “sell” rating with a Rs 280 target, acknowledged the significant margin beat and removed the stock from its negative catalyst watch.

Wipro’s American Depository Receipts (ADRs) also surged over 4 percent on the NYSE following the earnings announcement. The company guided for Q4 IT services revenue growth in the range of -1 to 1 percent in constant currency terms.

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