Wipro Q2 net up 5.57% to Rs 2190 crore

Wipro Q2 net up 5.57% to Rs 2190 crore

India's third-largest software services exporter Wipro Ltd posted a better than expected second-quarter profit on Tuesday, adding that it would match industry growth rates by the fourth quarter.

IT Services segment revenues in dollar terms were $2,013.5 million, an increase of 2.1% sequentially (Non-GAAP constant currency increase of 0.3% sequentially) and 5.1% YoY (Non-GAAP constant currency increase of 2.8% YoY). In the last quarter, the IT major had reported a consolidated revenue of Rs 13,626 crore.

Wipro posted consolidated net profit of Rs 2,191.8 crore in Q2, rising by 5.86% compared to Rs 2,070.4 crore in the corresponding period of the previous year.

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. Constant currency growth saw a 0.3% rise as against poll estimates of 0.9%.

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

Wipro's revenues from cloud services, such as helping clients migrate their IT systems to the cloud, has hit the $1 billion annual revenue "run rate", he said - meaning over the next 12 months, that line of business will likely do at least $1 billion in sales. "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.

Total number of active customers at the end of September quarter stood at 1,274, up from 1,244 clients in June 2017, the company said.

Wipro expects revenue from IT services business to be in the range of $2,014 million to $2,054 million for December 31, 2017 (Q3FY18) quarter.

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