Wipro has dipped over 5% to Rs 487 in early morning deals on NSE on profit booking after reporting a better-than-expected 19% quarter-on-quarter (qoq) jump in consolidated net profit at Rs 1,932 crore for the second quarter ended September 2013 (Q2) against Rs 1,623 crore in March quarter. Analyst on an average had expected profit of Rs 1,803 crore for the quarter.
The stock has outperformed the market by gaining 31% in past three months compared to less than 4% rise in benchmark index till yesterday.
At the consolidated level, Wipro’s revenue came in at Rs 10,992 crore, up 13% qoq.
During the quarter under review, the company’s IT services EBIT margin grew considerably by around 250bp qoq to 22.5%, as currency benefits and the improved execution offseted the wage hike impact. On the consolidated level, EBIT margin grew by around 220bp qoq to 20.4%.
Analyst at Angel Broking believe that the initial signs of gains from restructuring initiatives have started showing and expect Wipro to do well in the quarters ahead.
The stock has outperformed the market by gaining 31% in past three months compared to less than 4% rise in benchmark index till yesterday.
At the consolidated level, Wipro’s revenue came in at Rs 10,992 crore, up 13% qoq.
During the quarter under review, the company’s IT services EBIT margin grew considerably by around 250bp qoq to 22.5%, as currency benefits and the improved execution offseted the wage hike impact. On the consolidated level, EBIT margin grew by around 220bp qoq to 20.4%.
Analyst at Angel Broking believe that the initial signs of gains from restructuring initiatives have started showing and expect Wipro to do well in the quarters ahead.
