AIRLINK 74.00 Decreased By ▼ -0.25 (-0.34%)
BOP 5.14 Increased By ▲ 0.09 (1.78%)
CNERGY 4.55 Increased By ▲ 0.13 (2.94%)
DFML 37.15 Increased By ▲ 1.31 (3.66%)
DGKC 89.90 Increased By ▲ 1.90 (2.16%)
FCCL 22.40 Increased By ▲ 0.20 (0.9%)
FFBL 33.03 Increased By ▲ 0.31 (0.95%)
FFL 9.75 Decreased By ▼ -0.04 (-0.41%)
GGL 10.75 Decreased By ▼ -0.05 (-0.46%)
HBL 115.50 Decreased By ▼ -0.40 (-0.35%)
HUBC 137.10 Increased By ▲ 1.26 (0.93%)
HUMNL 9.95 Increased By ▲ 0.11 (1.12%)
KEL 4.60 Decreased By ▼ -0.01 (-0.22%)
KOSM 4.83 Increased By ▲ 0.17 (3.65%)
MLCF 39.75 Decreased By ▼ -0.13 (-0.33%)
OGDC 138.20 Increased By ▲ 0.30 (0.22%)
PAEL 27.00 Increased By ▲ 0.57 (2.16%)
PIAA 24.24 Decreased By ▼ -2.04 (-7.76%)
PIBTL 6.74 Decreased By ▼ -0.02 (-0.3%)
PPL 123.62 Increased By ▲ 0.72 (0.59%)
PRL 27.40 Increased By ▲ 0.71 (2.66%)
PTC 13.90 Decreased By ▼ -0.10 (-0.71%)
SEARL 61.75 Increased By ▲ 3.05 (5.2%)
SNGP 70.15 Decreased By ▼ -0.25 (-0.36%)
SSGC 10.52 Increased By ▲ 0.16 (1.54%)
TELE 8.57 Increased By ▲ 0.01 (0.12%)
TPLP 11.10 Decreased By ▼ -0.28 (-2.46%)
TRG 64.02 Decreased By ▼ -0.21 (-0.33%)
UNITY 26.76 Increased By ▲ 0.71 (2.73%)
WTL 1.38 No Change ▼ 0.00 (0%)
BR100 7,874 Increased By 36.2 (0.46%)
BR30 25,596 Increased By 136 (0.53%)
KSE100 75,342 Increased By 411.7 (0.55%)
KSE30 24,214 Increased By 68.6 (0.28%)

imageBENGALURU/MUMBAI: India's third-largest software services firm Wipro Ltd forecast its revenue growth in the current quarter would be dented because of issues such as furloughs and a reduction in the number of working days.

Wipro said it expected revenue from its information technology services business to be in the range of $1,916 million to $1,955 million for the quarter ending Dec. 31, 2016.

"As we look forward, the demand environment is mixed in a seasonally weak quarter affected by furloughs and lower number of working days," Chief Financial Officer Jatin Dalal saod.

Wipro's forecast echoes the cautious business outlook given by larger rivals.

Earlier this month, top software exporter Tata Consultancy Services Ltd reported lacklustre revenue growth, while No. 2 rival Infosys cut its annual revenue growth guidance for the second time in three months.

In its fiscal second-quarter, Wipro reported a 7.6 percent drop in profit on higher employee costs, even though it topped analysts' expectations.

Consolidated net profit fell to 20.7 billion rupees ($309.6 million) for the three months ended Sept. 30, from 22.41 billion rupees, a year earlier, the company said in a statement.

Analysts, on average, had expected a profit of 19.72 billion rupees, according to Thomson Reuters data.

Ahead of the results, Wipro shares closed 0.7 percent higher in the broader Mumbai market that ended slightly lower.

Wipro's smaller rival HCL Technologies painted a rosier outlook picture on Friday, saying it was optimistic that newer areas would drive technology spending.

Copyright Reuters, 2016

Comments

Comments are closed.