Wipro's earnings for the March quarter have drawn significant criticism from Jefferies, which described the performance as weak and the guidance as lacklustre. Following the results, Wipro's US-listed American Depositary Receipts (ADRs) fell nearly 3%. The company reported a mere 0.2% quarter-on-quarter revenue growth in constant currency, which was at the lower end of its guidance. Additionally, net income fell to ₹3,500 crore (approximately $420 million USD), marking a 2% decline year-on-year, which also fell short of analyst expectations. Jefferies highlighted that Wipro's outlook for the June quarter projected revenue growth between 0% and -2%, signaling potential further declines in its organic business. The earnings miss was attributed to weaknesses in core segments, particularly the Banking, Financial Services and Insurance (BFSI) vertical, which saw a 1.3% sequential decline, and healthcare, which dropped 4.4%. Furthermore, total bookings for the company decreased by 11% year-on-year, with large deal bookings down 20%. Despite announcing a ₹15,000 crore ($1.8 billion USD) buyback at a 19% premium to the current market price, Jefferies maintained an 'underperform' rating on Wipro, setting a price target of ₹180, indicating a potential downside of about 14%.