Wipro shares at record high on better-than-expected quarterly profit

BENGALURU (Reuters) - Shares of India's Wipro Ltd surged as much as 7.6% to a record high on Thursday, a day after the IT services company logged a near 19% rise in quarterly consolidated net profit.

The company's IT services revenue in the quarter rose to 193.80 billion rupees compared with 147.68 billion rupees a year earlier.

Wipro's second-quarter IT service revenue growth was ahead of the top-end of the guided range, analysts at IDBI Capital wrote in a note.

"Wipro has registered healthy growth in revenues on an organic basis. The company, under the new CEO, is on the verge of a turnaround," the note said.

Wipro reported a consolidated net profit of 29.31 billion rupees ($389.19 million) in the quarter ended Sept. 30, compared with 24.66 billion rupees a year earlier, and beating analysts' estimates of 28.48 billion rupees.

Revenue at the firm rose to 196.67 billion rupees versus 151.15 billion rupees a year earlier.

The country's No.2 IT services firm, Infosys Ltd, rose as much as 4.4% after it beat market estimates for quarterly consolidated net profit and forecast revenue to rise between 16.5% and 17.5% in the financial year to March 2022.

($1 = 75.3100 Indian rupees)

 

(Reporting by Vishwadha Chander in Bengaluru; Editing by Krishna Chandra Eluri)