Wipro reported its earnings for the quarter ended June after the markets closed for the week on Friday.

What Happened: The IT giant’s net profit for the quarter came in at ₹3,003.2 crore, up around 4.6% from the ₹2,870 crore posted in the same quarter last year. The revenue from operations stood at ₹21,963 crore, a drop of around 3.7% from the ₹22,831 crore posted in the corresponding quarter of the previous year. The company’s net profit was slightly higher than analyst estimates of around ₹2,960 crore while revenue was slightly lower than estimates of around ₹22,150 crore.

On a sequential basis, the revenue was down around 1% from the ₹22,208 crore posted in the March quarter. Net profit was up around 6% from the ₹2,834.6 crore posted in the quarter ended March.

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The company added that it expects revenue from the IT Services business segment to be in the range of $2,600 million to $2,652 million for the September quarter. This translates to sequential guidance of (-)1.0% to +1.0% in constant currency terms. Large deal bookings were at $1.2 billion.

Tech giants have got the ball rolling this earnings season. TCS posted its June quarter results that beat expectations. The Tata Group company’s net profit for the June quarter came in at ₹12,040 crore, and a revenue of ₹62,613 crore. HCLTech and LTIMindtree‘s numbers also impressed analysts. Infosys June quarter results also impressed brokerage beating estimates on all counts. The IT major also upped its revenue guidance for FY25.

Price Action: Wipro’s share price was down 2.79% to close at ₹557.20 on Friday.

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