Wipro Q2 profit up at Rs 2,562 crore, beats street estimates; key figures in a nutshell

By: |
Updated: October 15, 2019 4:38:56 PM

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 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.

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.

Also read: Jio says TRAI’s IUC review will harm users, punish efficient telcos, reward defaulters

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.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1HUL remains skeptical about rural demand even after Q2; says, trusts govt to improve agrarian wages
2Paytm close to score $2 billion funds from SoftBank, Ant; valuation to soar to $16 billion
3Facebook launches its cryptocurrency ‘Libra’ despite high-profile defections