Wipro Q2 results: Net profit up 18.9% at Rs 2,930 cr, revenue rises 30.1%

Information technology giant Wipro on Wednesday reported a 18.9 per cent year-on-year (YoY) rise in its consolidated net profit for July-September quarter at Rs 2,930 crore. The company had reported a net profit of Rs 3,248 crore in the preceding June quarter.
 
Wipro's revenue from operations rose 30.1 per cent YoY to Rs 19,667.4 crore during the quarter under review. On a sequential basis, revenue was 7.8 per cent higher than in the June quarter.
 
The company expects its revenue from its IT services business to be in the range of $2,631million to $2,683 million, translating to a sequential growth of 2 per cent to 4 per cent. The revenue from the segment was at $2,580.0 million during the September quarter, an increase of 6.9 per cent on a sequential basis and 29.5 per cent YoY.

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The operating margin for IT services segment was at 17.8 per cent, flat on an adjusted basis on quarter.
 
"The Q2 results demonstrate that our business strategy is working well. We grew at over 4.5 per cent organic sequential growth for a second quarter in a row, resulting in a 28 per cent YoY growth in the first half of this financial year," Wipro CEO and MD Thierry Delaporte said.
 
Jatin Dalal, the company's CFO, said that Wipro sustained its operating margins in Q2 in a narrow band even after absorbing the full impact of its recent acquisitions and investing significantly in business across sales, capabilities and talent. "We completed a salary increase covering 80 per cent of our colleagues, making it the second hike in this calendar year."
 
The company's headcount stood at 2,21,365 at the end of September quarter, while attrition was at 20.5 per cent.
 
Shares of Wipro closed 2.05 per cent higher at Rs 672.55 on the Bombay Stock Exchange on Wednesday. The financial results were declared after market hours.

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