Wipro Q2 net up 24% at R1,611 cr
For the third quarter ending December, the Azim Premji-led firm projected IT services revenues in the range of $1,560-$1,590 million, a growth of 1.1-3.1%. Analysts had expected a revenue growth guidance of 2-4%. The stock market did not seem particularly enthused, rising marginally by 0.98% to close at Rs 364.95 on the BSE.
For the July-September period, Wipro’s consolidated net profit rose to R1,611 crore from R1,580 crore, up 2% sequentially. Year-on-year profit was up 24%. Revenue growth during the quarter was almost flat, sequentially, reaching R10,657 crore from R10,653 crore. On a year-on-year basis it rose 17%.
Wipro showed an improvement on the pricing front with offsite price realisation up by 1.9% and offshore by 1.5%. But its 0.2% volume growth for the second quarter was below par, with rival Infosys posting a 3.6% growth.
IT services revenue, its flagship business, was up 23% year-on-year to R8,373 crore, while in dollar terms revenue was up 4.6% at $1,541. Sequentially, profit from IT services was down marginally by 0.74% to R1,731 crore from R1,744 crore in Q1. Y-o-y it was up 27%.
Wipro chairman Azim Premji pointed out that the company had a decent quarter, but not a great one. TK
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