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Wipro Ltd (NYSE:WIT) shares are trading lower after the company reported first-quarter results.
The company reported gross revenue of INR219.6 billion ($2.64 billion), down by 3.8% year-on-year, missing the analyst consensus estimate of $2.66 billion.
EPS of 7 cents was in line with the analyst consensus estimate.
IT Services revenue declined by 5.5% Y/Y to $2.63 billion. Adjusted constant currency IT Services segment revenue decreased by 4.9% Y/Y.
IT Services’ operating margin for the quarter was 16.5%, up by 42 bps Y/Y.
Net income was INR30.0 billion ($360.4 million), up by 4.6% Y/Y. Operating cash flow was at INR40.0 billion ($479.0 million).
Total bookings stood at $3.28 billion, with large deal bookings worth $1.15 billion, down by 3.6% Y/Y.
Srini Pallia, CEO and Managing Director, said, “Our top accounts continued to grow, accompanied by a growth in Americas1 SMU, BFSI and Consumer sectors.”
Q2 Outlook: Wipro expects IT Services business revenue of $2.600 billion – $2.652 billion, (-1.0)% to (+1.0)% Q/Q in constant currency terms.
When deciding whether to buy a stock, there are some key fundamentals investors may want to consider. One of these factors is revenue growth. Buying a stock is essentially a bet that the business will continue to grow and generate profits in the future.
Wipro has reported average annual revenue growth of 6.73% over the past 5 years. .
It's also important to pay attention to valuation when deciding whether to buy a stock. Wipro has a forward P/E ratio of 24.04. This means investors are paying $24.04 for each dollar of expected earnings in the future. The average forward P/E ratio of Wipro's peers is 23.41.
Other important metrics to look at include a company's profitability, balance sheet, performance relative to a benchmark index and valuation compared to peers. For in-depth analysis tools and important financial data, check out Benzinga PRO.
Price Action: WIT shares were down 11.8% to $6.08 at last check Friday.
Image: Shutterstock/ Sundry Photography
Posted In: WIT
