Wipro gains after good Q2 result

Wipro rose 1.70% to Rs 247.85 after the company reported its Q2 earnings after market hours yesterday, 15 October 2019.

Wipro's consolidated net profit rose 6.91% to Rs 2552.70 crore on a 1.98% rise in total income to Rs 15875.40 crore in Q2 September 2019 compared with Q1 June 2019.

Wipro's IT services segment revenue was at $2,048.90 million, an adjusted increase of 2.5% year-on-year (YoY). IT services operating margin for the quarter was at 18.1%, an increase of 3.1% YoY.

In its outlook for Q3 December 2019, Wipro expects revenue from IT services business to be in the range of $2,065 million to $2,106 million. This translates to a sequential growth of 0.8% to 2.8%.

Wipro CEO and managing director Abidali Z. Neemuchwala said the company had a good in-quarter execution on both revenues and margins. The overall growth was broad based with 6 out of 7 industry verticals growing on a YoY basis.

In Q2 September 2019, the company concluded the buyback of 32.31 crore equity shares, resulting in a total cash outflow of Rs 10,500 crore.

Meanwhile, the S&P BSE Sensex was up 97.97 points or 0.25% to 38,604.06.

On the BSE, 1.18 lakh shares were traded in the counter so far compared with average daily volumes of 1.65 lakh shares in the past two weeks. The stock hit a high of Rs 249.9 and a low of Rs 244.2 so far during the day.

The stock hit a 52-week high of Rs 301.55 on 14 June 2019. The stock hit a 52-week low of Rs 220.5 on 25 October 2018.

Wipro is a global information technology, consulting and business process services company.

Powered by Capital Market - Live News