IT major Wipro on Tuesday posted 35 per cent rise to Rs 2,552 crore in the second quarter of the ongoing fiscal as against compared with 1,889 crore in the corresponding period of the last year.
IT major Wipro on Tuesday posted 35 per cent rise to Rs 2,552 crore in the second quarter of the ongoing fiscal as against compared with 1,889 crore in the corresponding period of the last year. The software exporter recorded better-than-expected results amid global spending squeeze among its clients. Analysts on an average were expecting the company to earn profit of Rs 2, 273 crore, according to Refinitiv data. The results come days after larger rival Tata Consultancy Services quarterly profit missed expectations. Infosys only managed to meet estimates. The revenue stood at Rs 15,125.6 crore for the quarter, marking a rise of 2.78 per cent compared to Rs 14,716.10 crore the previous quarter.
“We had a good in-quarter execution on both revenues and margins. The overall growth was broad based with 6 out of 7 industry verticals growing on a year-on-year basis and we signed a large deal in India aligned to our strategy of taking global offerings to India customers,” said Abidali Z Neemuchwala, CEO and managing director, Wipro.
Key figures in nutshell
- Wipro guides for 0.8-2.8 per cent sequential growth in IT services revenue for the December quarter.
- IT services segment revenue came in at $2,048.9 million, up 2.5 per cent on-year. In constant currency terms, revenue was up 1.1 per cent sequentially.
- Adjusted non-GAAP revenue growth stood at 3.8 per cent on-year in constant currency terms.
- Operating margin for the IT services segment rose 18.1 per cent, an increase of 3.1 per cent on-year.
- In the quarter under review the company concluded the buyback of 323.1 million equity shares as approved earlier by the board of directors at their meeting held on April 16, 2019. The transaction resulted in a total cash outflow of Rs 10,500 crore.
- Earnings per share (EPS) for the quarter was Rs 4.3 per share and grew 36.7 per cent on-year.