Wipro Q2 profit rises 6% to Rs2,192 crore

Wipro Q2 profit rises 6% to Rs2,192 crore

Wipro Q2 profit rises 6% to Rs2,192 crore

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

In dollar terms, IT services segment revenue came in at $2,013.5 million, up 2.1 per cent sequentially. In the last quarter, the IT major had reported a consolidated revenue of Rs 13,626 crore.

The IT firm, headquartered in the south Indian technology hub of Bengaluru, said it expects a sequential improvement in its growth trajectory in the third quarter.

Wipro projects sales for the current quarter, which ends December 31, and which is the only guidance the company offers, will be in the range of $2,014 million and $2,054 million for its IT services business. "With that trajectory, we believe in Q4, we will be able to deliver industry-matching growth", Chief Executive Abidali Z. Neemuchwala said in the press conference.

Generally the Street looks at company's IT services business that grew by 1.1 percent to Rs 13,168.9 crore compared with previous quarter, supported by BFSI segment.

Rupee revenues were expected at Rs 13,200 crore while dollar revenues were estimated at USD 2,020 million for the quarter, with constant currency growth of 0.9 percent, according to average of estimates of analysts polled by CNBC-TV18. Constant currency growth was at 0.3 percent.

This Q2, profits from IT services stood at Rs 2,280 crore an increase of 4% sequentially.

Use of automation solutions and efforts to make operations more efficient, which saves money, helped expand margins, CFO Jatin Dalal said in the release.

Wipro's total income slipped 1.8 per cent to Rs 14,134.8 crore in the quarter under review from Rs 14,407.3 crore in the year-ago period, it added. While its margins for the quarter was 17.3%, as compared to 16.8% for the quarter ended June 30,2017.

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