New Delhi, July 17 -- Wipro share price declined over 2% in early trade on Friday after the IT major reported its Q1 results. Wipro shares fell as much as 2.67% to Rs.173.05 apiece on the BSE.

India's fourth largest IT services company, Wipro, posted a consolidated net profit of Rs.3,352 crore in the first quarter of FY27, registering a sequential fall of 4.2%.

The company's IT services revenue in Q1FY27 grew 1.8% quarter-on-quarter (QoQ) to Rs.24,453 crore. In Constant Currency (CC) terms, IT services revenue fell 1.2 QoQ.

At the operating level, Wipro's IT services EBIT fell 5.7% to Rs.3,919 crore, while EBIT margin contracted by 130 bps QoQ to 16%, impacted by wage hikes, large-deal ramp-ups, acquisition integration, and continued A...