The share price of Wipro declined 6 percent on Wednesday on profit-booking after the company reported robust earnings for the third quarter, beating analysts' expectations.

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The company posted a 21 percent rise in the consolidated net profit at Rs 2,968 crore year-on-year (YoY) for the period ending on December 31, 2020. It was Rs 2,456 crore in the year-ago period.

The tech giant said on Wednesday that consolidated revenue for the same period was Rs 15,670 crore. Wipro expects revenue from its IT services business to be in the range of $2,102-$2,143 million, which translates to a sequential growth of 1.5 percent to 3.5 percent.

Brokerages, however, were mixed on the stock after the earnings. While Credit Suisse maintained a 'neutral' call, Edelweiss had a 'buy' rating and Jefferies had an 'underperform' rating.

Nomura has a 'reduce' rating but raised its target price to Rs 410 per share. It expects growth underperformance versus peers to continue and added that valuations for the stock are expensive. However, it noted that broad-based growth and improved outlook across verticals are key positives.

Credit Suisse also increased its target price for the stock to Rs 500 from Rs 370. It said that the revenue growth was led by growth in comsumer, life sciences and tech verticles, however, lower than expected growth and sharp forex movements are key risks.

Thierry Delaporte, Chief Executive Officer and Managing Director at Wipro, said, "We witnessed unprecedented times. With improved vaccine prospects, we are filled with optimism for 2021. We have gone live with a new organisational structure as of January 1, 2021. We have had a second consecutive quarter of strong performance."

The growth was highest in 36 quarters and is broad-based across sectors and markets, Delaporte added.