India’s IT major Wipro has reported results below estimates as the net profit of the firm dropped 14% on-year to Rs 1,889 crore in the latest quarter.
India’s IT major Wipro has reported results below estimates as the net profit of the firm dropped 14% to Rs 1,889 crore in the latest quarter. A Bloomberg analyst poll had earlier estimated the Q2 net profit at Rs 2,031-crore. The net profit, attributable to shareholders, in the year-ago period was at Rs 2,191.8 crore, Wipro said in the regulatory filing. The revenue from operations came in at Rs 14,541 crore, up by 8.3% on year. In the year ago period, the comparable figure was Rs 13,423.4 crore. The board of directors have approved the appointment of Arundhati Bhattacharya as an independent director for a term of 5 years with effect from January 1, 2019. We take a look at key takeaways from Wipro’s Q2 results.
Wipro Q2 results: Key figures in a nutshell
- Wipro has reported a 14% drop in net profit to Rs 1,889 crore as compared to Rs 2,191.8 crore in the comparable period fiscal.
- In the quarter under review, Wipro has reported revenue from operations at Rs 14,541 crore, up by 8.3% on year.
- Notably, the IT services revenue came in at Rs 14,377 crore, implying a rise of 5% on a sequential basis.
- The rise in revenue was aided by by the company’s record $1.5 billion deal with Alight LLC in September.
- Earnings before interest and tax (EBIT) fell 13.3% on-quarter to Rs 2,097 crore. The company’s margin contracted 260 basis points to 14.4%.
- Wipro, said that its board has approved the appointment of Arundhati Bhattacharya as an Additional Director.