Wipro shares hit 52-week low amid riot in IT shares after Infosys reports weaker-than-expected Q4 results

Wipro shares hit a 52-week low on Monday amid a sell-off across the IT space, after rival Infosys reported a worse-than-expected set of Q4 results. Wipro is scheduled to release its Q4 earnings report on April 27.

Wipro shares suffered shrap losses on Monday amid a sell-off across the IT space led by Infosys. | Image: Reuters

Wipro shares hit a 52-week low on Monday amid selling pressure across the IT space on Dalal Street, after Infosys reported a weaker-than-expected financial earnings for the quarter ended March 2023. The stock of Bengaluru-based Wipro dropped by Rs 16.4 — or 4.5 per cent — to Rs 351.9 apiece at the weakest level of the day on BSE, cracking below its existing 52-week low of Rs 355, hit on March 29, 2023.

Wipro — India's fourth largest IT services company by market value, after Tata Consultancy Services (TCS), Infosys and HCL Tech — is scheduled to report its financial results for the three-month period on April 27. Catch India Inc's updated Q4 results schedule

Last week, TCS and Infosys reported muted performances in the final quarter of the financial year 2022-23, which ended on March 31, 2023.

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The Tata group IT major kicked off the corporate earnings season with a five per cent sequential rise in net profit to Rs 11,390 crore for the March quarter. Infosys posted a seven per cent quarter-on-quarter fall in net profit to Rs 6,128 crore.

The TCS and Infosys earnings reports come at a time when Indian IT companies are struggling to protect their margins owing to higher attrition inflation employee costs despite robust demand for technology.

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In January, Wipro reported a 14.8 per cent sequential jump in net profit to Rs 3,052.9 crore for the quarter ended December 2022, beating analysts' estimates. reported growth of 3.1 per cent in quarterly revenue to Rs 23,229 crore. According to Zee Business research, Wipro was estimated to report a net profit of Rs 2,900 crore and revenue of Rs 23,280 crore.