Wipro Q2 net profit drops 14% on-year to Rs 1,889 crore: Key figures in a nutshell

By: | Updated: October 24, 2018 7:52 PM

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.

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.

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.

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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.

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