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Wipro's Q2 net profit up 35% at Rs 2,551 cr

Wipro's Q2 net profit up 35% at Rs 2,551 cr
Photo Credit: Reuters

Bengaluru-based IT services provider Wipro reported a 35.1% increase in net profit at Rs 2,551 crore for the second quarter ended September 30, 2019 compared to Rs 1,885.70 crore during the same period.

The gross revenue stood at Rs 15,635 crore, which was an increase of 4% YoY.

On a sequential basis, the net profit was up 6.1% and revenue increased by 2.8%. 

For the quarter ending December 31, 2019, revenue from IT services is likely to be in the range of Rs 14,777 crore to Rs 15,073 crore, which translates to a sequential growth of 0.8%-2.8%.

The IT services segment revenue was Rs 14,657 crore in Q2, which was an adjusted increase of 2.5% YoY. 

The IT major had concluded the buyback of 323.1 million equity shares at a total cash outflow of Rs 10,019 crore during the second quarter, which the company had approved at an earlier board meeting on April 16, 2019.

The operating margin for the quarter in IT services was 18.1%, which was an increase of 3.1% YoY.

“We had good in-quarter execution on both revenues and margins. The overall growth was broad-based with 6 out of 7 industry verticals growing on a YoY basis,”  said CEO and managing director Abidali Z. Neemuchwala.

Neemuchwala also said Wipro has signed a large deal which has aligned to its strategy of taking global offerings to Indian customers.

“Growth remains our priority and we remain invested for the future. We also successfully completed the share buyback programme in September, which saw strong participation from our investors,” said chief financial officer Jatin Dalal.

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