Wipro Q2 Net Profits At Rs 2070 Crores; Meets Expectations

Wipro today reported q2 numbers that largely met estimates, with consolidated net profit and revenues in line.

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Wipro reported a consolidated net profit of Rs 2,070.4 crore for the second quarter (July-September), which was largely in line with most estimates.

Wipro Q2 Net Profits At Rs  2070 Crores; Meets Expectations
Gross Revenues at the company grew 10 per cent, year-on-year, while the IT services segment revenue in US Dollar terms grew by 7.2% in constant currency.

The guidance for the next quarter from the company was not too encouraging. "We expect Revenues from our IT Services business to be in the range of $1,916 million to $ 1,955 million, " the company said in a release.

"We delivered revenues in constant currency at the top end of our guidance range", said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board. "I am very excited about Wipro's acquisition of Appirio, a leader in cloud applications especially across Salesforce and Workday implementation services. This acquisition will establish Wipro's dominance in cloud application services and further strengthen Wipro's brand as a Digital Partner of choice."

"We maintained margins in Q2 despite the impact of salary increase for an incremental two months due to strong operational improvements in automation-led productivity, offshoring and utilization." said Jatin Dalal, Chief Financial Officer. "As we look forward, the demand environment is mixed in a seasonally weak quarter affected by furloughs and lower number of working days."

Wipro shares last closed at Rs 499 on the NSE.

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