For Quick Alerts
For Daily Alerts

Wipro Shares Jump 14.5% After Q1 Financial Results


On Wednesday, shares of Wipro Limited jumped 14.57 percent to Rs 257.80 after it reported operationally strong quarterly results despite an almost flat rise in net profits for the April-June period.

Wipro Shares Jump 14.5% After Q1 Financial Results

On Tuesday, after market hours, the IT services company posted a rise in consolidated profit by 2.8 percent to Rs 2,390.4 crore for the June-ended quarter, when compared to the previous quarter. Its revenue fell 5.3 percent against the March quarter to Rs 14,922 crore.

Wipro's IT services saw a 4.6 percent sequential decline in revenue at Rs 14,595.6 crore due to lockdown in several countries due to COVID-19 but showed good growth in operating income.

IT services' earnings before interest and tax (EBIT) was up 3.3 percent to Rs 2,782.2 crore in the April-June period, and margin rose 14.6% from the previous quarter to 19.06 percent.

"We expanded the margins during the quarter, despite lower revenues, on the back of solid execution of several operational improvements and rupee depreciation. We also continued to sustain robust cash generation with operating cash flows at 174.9 percent of net income," said Jatin Dalal, Wipro's Chief Financial Officer.

The company also said that it will be acquiring IVIA Servigos de Informatica, a Brazilian IT solutions provider, for $22.4 million. The transaction is likely to be completed in the curent quarter ending 30 September 2020.

Read more about: wipro
Story first published: Wednesday, July 15, 2020, 9:42 [IST]
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more