Wipro gains after Q2 results

Wipro rose 1.08% to Rs 312.50 at 9:26 IST on BSE after consolidated net profit fell 9.94% to Rs 1885.60 crore on 4.03% increase in revenue to Rs 14541 crore in Q2 September 2018 over Q1 June 2018.

The result was announced after trading hours yesterday, 24 October 2018.

Meanwhile, the S&P BSE Sensex was down 278.59 points, or 0.82% to 33,755.37.

On the BSE, 1.82 lakh shares were traded in the counter so far compared with average daily volumes of 3.27 lakh shares in the past two weeks. The stock had hit a high of Rs 317.75 and a low of Rs 294 so far during the day. The stock hit a 52-week high of Rs 339.05 on 21 September 2018. The stock hit a 52-week low of Rs 253.50 on 6 June 2018.

 

On a consolidated basis, IT services revenues rose 4.9% to Rs 14,377 crore in Q2 September 2018 as against Rs 13,700 crore in Q1 June 2018.

For the quarter ending 31 December 2018, Wipro expects revenue from IT services business to be in the range of $2,028 million to $2,068 million. Comparable revenue excluding India PSU and India Government business for the quarter ended 30 September 2018 was $2,007 million. This translates to sequential growth outlook of 1.0% to 3.0%.

Abidali Z. Neemuchwala, CEO and member of the board said that Wipro has delivered a strong quarter on both revenue and margin growth. The firm won its largest deal to date and four of its Business Units grew over 4% sequentially in constant currency terms. The demand environment is robust, especially for digital transformation and enterprise scale modernization services.

Jatin Dalal, chief financial officer said that consistent improvement in the company's operating metrics reflects its relentless rigor of execution, which has resulted in its adjusted IT services margin reaching 18.1% in quarter. The company sees automation as a key lever to drive margins going forward.

Wipro is a leading global information technology, consulting and business process services company.

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