Published on 24/10/2016 12:44:00 PM | Source: Dion Global Solutions Ltd

Wipro Q2 net dips 7.6% at Rs 2,070.4 cr

Posted in | #Wipro Ltd #IT Sector #Stock Market #Quarterly Result


IT software services player Wipro Ltd has reported that its consolidated net profit for the second quarter ended September 30, 2016 fell by 7.6 per cent at Rs 2,070.4 crore from the same period a year ago while third quarter revenue guidance missed analysts’ estimates. Sequentially, consolidated net profit growth was a tepid 0.90 per cent, the country’s third biggest software firm Wipro Ltd said in a filing to the Bombay Stock Exchange (BSE). Consolidated total income from operations climbed 10.6 per cent at Rs 1,389.7 crore in Q2 FY 2016-17 from Rs 1,256.7 crore in the same period a year ago.

On a sequential basis, consolidated revenue rose 1.5 per cent. IT services segment revenue came in at Rs 13,137 crore in Q2 FY 2016-17, an increase of 0.2 per cent from the prior quarter. In dollar terms, IT services segment revenue fell sequentially 0.8 per cent to USD 1,916.3 million in Q2 FY 2016-17.

The company expects revenue from its IT services business in dollar terms to be in the range of USD 1,916 million to USD 1,955 million for the October-December 2016 quarter. “We delivered Revenues in constant currency at the top end of our guidance range”, said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board. Shares of Wipro tumbled by 3.63 per cent to Rs 481.1 a piece at 12:02 PM IST on the BSE on Monday.