While many IT majors including Tata Consultancy Services (TCS), HCL Tech, Infosys, have already released its fiscal third quarter earnings, Wipro is all set to announce its Q3 results today (January 17). Wipro will also announce a dividend for its shareholders. According to brokerage firms and analysts, Wipro is expected to post a quarterly decline in revenue as well as net profit. With Q3 being a seasonally weak quarter due to furloughs on account of Christmas and New Year holidays, Wipro’s performance will be weighed down. An analysis by Elara Capital said that dollar-denominated revenue growth for Wipro should sequentially drop due to furlough impact and unfavourable currency movements. “Furlough impact in Q3 is expected to be normal this year,” it said.
According to a CNBC TV18 poll, Wipro is expected to post Q3 revenue at Rs 22,176 crore and EBIT for the quarter is estimated at Rs 3653 crore.
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Earlier on January 6, in an exchange filing, Wipro had said, “It is hereby informed that the next meeting of the Board of Directors of Wipro Limited (Company) will be held over January 16-17, 2025 to consider and approve, inter alia: a) the condensed audited standalone and consolidated financial results of the Company under lndAS for the quarter ending December 31, 2024. b) the condensed audited consolidated financial results of the Company under IFRS for the quarter ending December 31, 2024. c) declaration of interim dividend, if any, for the financial year 2024-25. The financial results will be approved by the Board of Directors on the evening of January 17, 2025.”
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Analysts said that Wipro is likely to report a subdued third quarter with constant currency revenue expected to be declining, while maintaining that the IT major may be the weakest among the peers.
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