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Wipro posts third revenue drop in a row
Hindustan Times
|October 19, 2023
Wipro Ltd saw its quarterly dollar revenue fall 2.3% sequentially in the September quarter, marking the third straight such decline for the fourth-largest Indian IT services firm.
Bengaluru-based Wipro's performance in the first six months of the current financial year has lagged behind its larger rivals, with the company's revenue in the April-September period declining 1.5% from a year earlier. During this period, Tata Consultancy Services Ltd (TCS), Infosys Ltd and HCL Technologies Ltd recorded a dollar revenue growth of 5.7%, 3.7% and 5.2%, respectively.
Considering that the second half of the financial year is weaker than the first half for IT services companies, Wipro risks clocking a full-year revenue decline in FY24.
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