Wipro advances after posting decent Q2 results

Wipro gained 1.31% to Rs 293.30 at 10:15 IST on BSE after consolidated net profit rose 5.13% to Rs 2189.60 crore on 1.48% decline in net sales to Rs 13423.40 crore in Q2 September 2017 over Q1 June 2017.

The result was announced after trading hours yesterday, 17 October 2017. The results are as per International Financial Reporting Standards (IFRS).

Meanwhile, the S&P BSE Sensex was down 101.37 points, or 0.31% to 32,507.79.

On the BSE, 94,154 shares were traded in the counter so far, compared with average daily volumes of 2.99 lakh shares in the past one quarter. The stock had hit a high of Rs 298.65 and a low of Rs 287 so far during the day. The stock had hit a 52-week high of Rs 303.55 on 11 September 2017. The stock had hit a 52-week low of Rs 205 on 9 November 2016.

The stock had outperformed the market over the past one month till 17 October 2017, gaining 1.31% compared with 1.04% gains in the Sensex. The scrip had also outperformed the market in past one quarter, rising 8.18% as against Sensex's 1.67% rise. The scrip had also outperformed the market in past one year, gaining 22.8% as against Sensex's 18.45% rise.

The large-cap company has equity capital of Rs 973.34 crore. Face value per share is Rs 2.

Wipro said that it expects revenues from its IT services business to be in the range of $2.014 billion to $2.054 billion in Q3 December 2017.

Wipro's chief executive officer and member of the board, Abidali Z. Neemuchwala said that the company surpassed the milestone of $2 billion in quarterly revenues for IT services on the back of rigorous execution of its strategy. The company's unique digital capabilities powered growth in top clients and positions it well to drive its clients' digital transformation.

Wipro's chief financial officer, Jatin Dalal, said that productivity gains generated by the company's HOLMES automation suite and operational efficiencies overcame the incremental impact of wage hikes and expanded IT services margin to 17.3%.

Wipro is a leading information technology, consulting and business process services company that delivers solutions to enable its clients do business better.

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