IT services giant Wipro Ltd on Tuesday posted 35 per cent rise in consolidated net profit to Rs 2,552.7 crore for the second quarter ended September 30. The company had registered a net profit of Rs 1,889 crore in the year-ago period.
Wipro has guided for 0.8-2.8 per cent sequential growth in IT service revenue for December quarter, saying revenue from that business is expected to be USD 2,065-2,106 million. For the just concluded quarter, the company’s IT services segment revenue was at USD 2,048.9 million, an increase of 2.5 per cent year-on-year, a Wipro statement said.
The operating margin for IT services in the just-ended quarter improved year-on-year to 18.1 per cent. The net income at Rs 2,552.7 crore, translated into 35.1 per cent increase. Commenting on the earning scorecard, Abidali Z Neemuchwala, Wipro’s CEO and MD said: “We had a good in-quarter execution on both revenues and margins, considering the slow start to the fiscal.
The overall growth was broad based with 6 out of 7 industry verticals growing on a year on year basis...” The demand environment remained unchanged for IT spends though there was an overhang of macro uncertainty in certain sectors, the CEO said. “We continue to see a robust pipeline and the momentum of order book in Q2 has been better than Q1,” Neemuchwala said.