Wipro net up 6% in Q2


Wipro net up 6% in Q2

India's third largest software services firm Wipro today said its consolidated net profit has declined marginally to Rs 2,143.2 crore for the quarter ended September 30, 2017.

Revenue from its global IT services at $2,014 million was 5.1 per cent up annually from $1,916 million in same period a year ago and 2.1 per cent up quarterly from $1,972 million a quarter ago under IFRS and Rs 13,172 crore under the Indian Accounting Standard.

Bengaluru-headquartered Wipro posted revenue of Rs13,469 crore, while revenue from core IT services was Rs13,169 crore.

Revenues largely matched analysts' expectations but constant currency growth and Q3 guidance missed estimates. Wipro's employee headcount at the end of September was lower by 3,031 people at 1,63,759 compared with that in Q1FY18. "We continue to hire and it has been robust across all our business segments", Govil said.

"We surpassed the milestone of United States dollars 2 billion in quarterly revenues for IT Services on the back of rigorous execution of our strategy", Abidali Z Neemuchwala, Chief Executive Officer and Member of the Board said. Neemuchwala expressed confidence the healthcare sector had bottomed out, saying there could be some uptick in the coming months. But what would be comforting for Wipro is that its growth rates are steadily rising.

IT services revenues in dollar terms grew by 2.1 percent quarter-on-quarter to USD 2,013.5 million in July-September quarter.

The company shares ended the session down by 0.24 per cent at Rs 289.35 on the BSE. The big boost this quarter came from the BFSI segment, which recorded a sequential growth of 5.1%. Harit Shah, analyst with Reliance Securities, said the guidance was disappointing. Wipro has been lagging industry average rates for several years now.