Economy

Wipro reports 6% YoY Q2 profit growth at Rs 2190 crore

Wipro reports 6% YoY Q2 profit growth at Rs 2190 crore”

The growth was driven by fall in total expenses, lower finance cost and higher other income.

A Bloomberg poll of analysts estimated Wipro's bottom-line to be at Rs 2,070 crore this quarter.

Profit rose to 21.92 billion rupees in the three months ended September 30, from 20.67 billion rupees in the same period a year earlier, Wipro said.

For Q3FY18, Wipro expects revenues from IT services business to be in the range of United States dollars 2,014-2,054 million, a growth of 0-2 percent over Q2.

Sales for Wipro's IT services unit, which accounts for most of the company's revenues and profits, rose 2.1 percent sequentially to $2,013.5 million for the September quarter, surpassing Wipro's own July projection of between $1,962 million and $2,001 million.

"Productivity gains generated by HOLMES automation suite and operational efficiencies overcame the incremental impact of wage hikes and expanded IT Services margin to 17.3 percent", Jatin Dalal, Chief Financial Officer said.

Bengaluru-headquartered Wipro posted revenue of Rs13,469 crore, while revenue from core IT services was Rs13,169 crore. That would be growth of as much as 2 percent over the September quarter, and compares with the 1 percent to 2 percent estimate at HDFC Securities.

The overall share of revenues from digital services, at 24.1 percent, compared with 22.5 percent for the previous quarter.

India's largest IT services firm, Tata Consultancy Services, reported a two percent decline in second-quarter profit last week, held back by sluggish growth in banking and retail services. Q2Y18 also increased by 5.24% from Rs 2,082.4 crore of the preceding quarter.

The stock price of Wipro which announced earnings after market hours closed down 0.24 percent at Rs 289.35 on the BSE.



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