On Tuesday, Wipro Limited reported a 35.82 percent increase in net profit for the second quarter of the financial year 2019-20 at Rs 2,561.30 crore from Rs 1,885.70 crore in the same period of the previous year.

The IT giant's gross revenue for the September-ended quarter was up by 4 percent to Rs 15,130 crore on a year-on-year basis. Revenue from the IT services segment stood at $2,048.9 million, which is 2.5 percent higher than a year ago.

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Revenue was up by 1.1 percent in constant currency terms from the previous quarter while the net profit rose by 6.2 percent.

Wipro Limited's IT services operating margin for the quarter was at 18.1 percent, up by 3.1 percent from September 2018. The company's net income for the quarter was Rs 25.5 billion ($361.4 million) which is 35.1 percent higher on a year-on-year basis.

Earnings Per Share (EPS) for the July-September quarter was Rs 4.3 per share, 36.7 percent higher from a year ago.

For the December-ended quarter, the company has guided IT services revenue of $2,065 million to $2,106 million, which would translate to a sequential growth of 0.8 percent to 2.8 percent.

"In the quarter ended September 30, 2019, the Company has 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. This has resulted in a total cash outflow of Rs 105 billion ($1.49 billion)," the company said in its stock exchange filing.

Shares of Wipro Limited closed 0.021 percent higher at Rs 243.50. The results were announced post market hours.