India`s Wipro beats Q3 revenue estimates; flags weak USD rev in Q4
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Wipro, India's fourth-largest IT services provider, reported a better-than-expected third-quarter revenue and said fourth-quarter dollar revenue at its largest business could fall by 1.5% at worst or grow by 0.5% at best.
Revenue from operations for the quarter ended Dec. 31 fell 4.4% from the previous year to 222.05 billion rupees ($2.68 billion), but beat analysts' average estimate of 221.04 billion rupees, according to LSEG data.
Wipro Chief Executive Officer Thierry Delaporte highlighted improved deal momentum and said the company was beginning to see growth in consulting, which is discretionary in nature.
The Bengaluru-based company expects its March-quarter IT services revenue to fall to $2.62 billion or grow to $2.67 billion in constant currency terms from $2.66 billion at the end of December.
India's information technology services companies have been facing challenges in a difficult macroeconomic environment, especially in the United States and conflict-affected Europe over the last 12 months.
The tough environment has prompted clients to reduce discretionary tech spending and abruptly scale down even existing projects.
Market leaders Tata Consultancy Services and Infosys posted better-than-feared quarterly reports and gave optimistic forecasts that eased concerns about a sector grappling with sluggish demand.
The top two IT companies have said that although the demand environment has not improved, it did not deteriorate in the last quarter.
($1 = 82.9081 Indian rupees)
