Wipro witnessed a remarkable 10% surge in its shares on January 15, reaching a fresh 52-week high. The boost followed the company’s Q3 earnings report released on January 12, where its American Depository Receipts (ADRs) spiked nearly 18% to achieve a near-20-month high of $6.35.
Despite a 12% YoY decline in net profit to Rs 2,694 crore and a 4.4% drop in consolidated revenue to Rs 22,205 crore, analysts at Motilal Oswal express positivity regarding Wipro’s Q3 performance. The company has faced challenges meeting expectations in recent quarters due to macroeconomic headwinds.
This marks the fourth consecutive quarter of YoY profit decline for Wipro, yet analysts anticipate continued underperformance compared to peers. A key concern is the puzzlingly low correlation between Wipro’s deal wins and top-line growth.
As of 10:03 am, Wipro shares were trading 8.22% higher at ₹503.70, reflecting investor confidence in the company’s overall resilience and potential for recovery.
