India third largest software exporter, Wipro has reported a growth of 18 per cent in net profits to Rs 1,580 crore during eh first quarter of the current financial year.

Even as the rise in profit was in line with the market expectations, a fall in revenues from the key IT services segment resulted in a fall in eth share prices for the company. The company has also revised its expectations for the coming second quarter and pointed out there were several risks to achieving its target.

The company expects September-quarter IT services revenue of $1.52 billion to $1.55 billion. The total net sales of the company, which is led by billionaire Azim Premji, during the quarter was Rs 10,619.6 crore. The company was able to add client in the US$100mn plus revenue bracket during the month.

The company's IT services revenue, which account for about 78 percent of the total revenue, was recorded at Rs 8,314 crore. The figure is 30 percent higher than the same quarter in the previous year but is 1.4 percent lower than the previous quarter. The Earnings before interest and tax (EBIT) from IT services sector rose 24 percent to Rs 1,744 crore.

Shares of the company were down nearly 3 percent at Rs 346.65.