IT major Wipro, on Wednesday, reported a slight decline in September quarter revenue to Rs 22,516 crore. The revenue stood at 22,540 crore in the corresponding quarter last year.
The company's profit after tax (PAT) was Rs 2,667 crore, just 0.7 per cent year-on-year (YoY) increase from the previous quarter. Wipro had reported a profit of 2,649 crore in the year-ago period.
The revenue and profit of the IT major missed street estimates.
The decline in revenue was, however, expected owing to weakness in the banking, financial services, and insurance vertical of the company.
Wipro expects a decline in revenue ranging from -3.5 per cent to -1.5 per cent for the upcoming quarter.
Meanwhile, the company said its board approved the merger of five units into itself. "The Board of Directors of the company, at its meeting held over October 17-18, 2023, considered and approved a scheme of amalgamation ('Scheme') pursuant to Sections 230 to 232 and other relevant provisions of the Companies Act, 2013, providing for the merger of the following wholly-owned subsidiaries with and into Wipro Limited ('Transferee Company')," Wipro said in a filing, reports CNBCTV18.
The units are: Wipro HR Services India Private Limited, Wipro Overseas IT Services Private Limited, Wipro Technology Product Services Private Limited, Wipro Trademarks Holding Limited, and Wipro VLSI Design Services India Private Limited.
Shares of Wipro declined nearly one per cent to close at Rs 407.50 on Wednesday.
