Wipro Ltd on Wednesday reported a 13.8 percent drop in net profit for the period of July- September 2018, on a year-on-year basis.
As per its stock exchange filing, its net profit for the second quarter of the financial year 2018-19 was at Rs 1,889 crore, compared to Rs 2,192 crore in the same period last year. In comparison to the previous quarter, its fall in net profit was 9.9 percent. A Reuters report suggested that the loss was due to an increase in expenses.
The software company's revenue increased by 2.4 percent to Rs 14,568 crore, mainly due to a record $1.5 billion deal with Alight LLC in September. Revenue from IT services was up by 9.2 percent to Rs 14,377 crore. Earnings before interest and tax dropped by 13.3 percent to Rs 2,097 crore from last quarter. The company's margin shrunk 260 basis points to 14.4 percent.