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.



Like this

Latest


17 October 2017
Southwest Airlines Co (LUV) Position Decreased by Aberdeen Asset Management PLC UK
On average, equities research analysts anticipate that Southwest Airlines Company will post $3.62 EPS for the current fiscal year. Southwest Airlines Co . ( LUV ) have shown a high EPS growth of 72.90% in the last 5 years and has earnings rose of 8.50% yoy.

17 October 2017
OECD Says Reversal Of Brexit Decision Would Be Positive For UK Growth
Reversing the Brexit process would boost the United Kingdom economy, the Paris-based think tank, the OECD has said. Among its recommendations for boosting productivity are increasing policies that give more power to the regions.

17 October 2017
Samsung Galaxy Tab 2 Active rugged tablet is official
The price of the Samsung Galaxy S8 is now down to Rs 53,900, while the Galaxy S8 + is now available at Rs 58,900. With the portrait mode being added, we believe that the Galaxy S8 will be an even more extraordinary phone.

17 October 2017
Malaysia Airlines takes note of CEO's 'unexpected' departure, says operations to continue
Ryanair has announced the appointment of a new chief operating officer to tackle the problems which led to flight cancellations last month.

17 October 2017
Aramark (ARMK) Hits New 52-Week High
The Average Volume of the company is 1.06 Million, while the Volume of the company in the last trading session was 1.02 Billion. Unlike P/E, the ratio isn't affected by the chosen depreciation methods, making it suitable for geographic comparison.

17 October 2017
INS Kiltan commissioned into Indian Navy by Defence minister Nirmala Sitharaman
INS Kiltan's weapons include heavy weight torpedoes, ASW rockets, 76 mm caliber medium range gun and two multi-barrel 30 mm guns. Manned by a team of 13 officers and 178 sailors, Commander Naushad Ali Khan is at the helm as her first Commanding Officer.

17 October 2017
Anne Frank Halloween Costume Pulled from the Shelves
An online costume company removed a Halloween costume of Holocaust diarist Anne Frank from its USA and European websites. It was pulled after retailers received criticisms that the costume trivialized tragedy.

17 October 2017
'The Alienist' Gets a Second Trailer and Premiere Date
Shot in Budapest, Hungary, The Alienist is a co-production of Paramount Television and Turner's Studio T. Max Frye (Foxcatcher), Anonymous Content's Steve Golin and Rosalie Swedlin, along with Chris Symes.

17 October 2017
11-year-old dies: Activists cry hunger, Jharkhand government says malaria
Her mother, Koyli Devi and elder sister, 20, were the sole breadwinners for the family, earning roughly Rs. 80-90 a week. He added that he had given written orders in April that ration cards not linked to Aadhaar cards can not be deleted.

17 October 2017
Tucson Fire investigate mobile home fire
The fire, at around 9.20pm local time on Monday night, forced the man and an elderly woman out of their home. TFD said she sustained minor injuries while being carried out, and was treated by paramedics on scene.



Recommended