Wipro slips after weak Q2 results

Wipro fell 4.05% to Rs 479 at 9:34 IST on BSE after consolidated net income fell 8% to Rs 2070 crore on 10% increase in gross revenues to Rs 13770 crore in Q2 September 2016 over Q2 September 2015.

The result was announced after market hours on Friday, 21 October 2016.

Meanwhile, the BSE Sensex was up 2.31 points, or 0.01%, to 28,079.49.

On BSE, so far 4.38 lakh shares were traded in the counter, compared with average daily volume of 2.59 lakh shares in the past one quarter. The stock hit a high of Rs 494.80 and a low of Rs 478.10 so far during the day. The stock hit a 52-week high of Rs 606.75 on 20 April 2016. The stock hit a 52-week low of Rs 470 on 29 September 2016. The stock had outperformed the market over the past 30 days till 21 October 2016, rising 3.68% compared with 2.42% decline in the Sensex. The scrip had, however, underperformed the market in past one quarter, falling 7.12% as against Sensex's 0.99% rise.

The large-cap company has equity capital of Rs 486.16 crore. Face value per share is Rs 2.

During the quarter, Wipro's non-GAAP constant currency IT services segment revenue in dollar terms grew 0.9% over Q1 June 2016 and grew 7.2% over Q2 September 2015. IT services segment revenue was $1916.30 million, a decrease of 0.8% over Q1 June 2016 and an increase of 4.6% over Q2 September 2015.

IT services segment profits fell 5% to Rs 2340 crore on 9% increase in revenue to Rs 13140 crore in Q2 September 2016 over Q2 September 2015. Wipro expects revenues from its IT services business to be in the range of $1,916 million to $1,955 million in the year ending March 2017.

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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