Wipro tumbles after Q2 results

Wipro fell 4% to Rs 494.25 at 9:27 IST on BSE after consolidated net profit rose 19.02% to Rs 1932.10 crore on 12.92% rise in total income from operations to Rs 10990.70 crore in Q2 September 2013 over Q1 June 2013.

The result was announced after market hours on Tuesday, 22 October 2013.

Meanwhile, the BSE Sensex was down 7.87 points, or 0.04%, to 20,857.10.

On BSE, 2.29 lakh shares were traded in the counter compared with average volume of 2.91 lakh shares in the past one quarter.

The stock hit a high of Rs 514.50 and a low of Rs 471.55 so far during the day. The stock hit a 52-week high of Rs 519.50 on 15 October 2013. The stock hit a 52-week low of Rs 315.30 on 31 May 2013.

The stock had outperformed the market over the past one month till 22 October 2013, rising 8.33% compared with the Sensex's 2.97% rise. The scrip had also outperformed the market in past one quarter, rising 31.03% as against Sensex's 3.50% rise.

The large-cap IT company has an equity capital of Rs 493.01 crore. Face value per share is Rs 2.

Wipro said IT services revenue rose 2.7% to $1631.10 million in Q2 September 2013 over Q1 June 2013. It rose 5.9% over Q2 September 2012.

Wipro said it expects revenues from IT services business to be in the range of $1660 million to $1,690 million for Q3 December 2013 based on the exchange rates of GBP/USD at 1.57, Euro/USD at 1.34, AUD/USD at 0.93 and USD/INR at 61.98.

Azim Premji, Chairman of Wipro, commenting on the results said "There are positive indicators on the global economy. Client confidence is on the uptick and we see it reflected in our results."

T K Kurien, Executive Director & Chief Executive Officer of Wipro, said "We achieved a broad based revenue growth across all industry verticals and continue to focus on executing to our strategy."

Suresh Senapaty, Executive Director & Chief Financial Officer of Wipro, said "Our sustained execution towards increasing operational efficiencies in the business coupled with currency benefits helped offset the impact of wage hikes resulting in strong improvements in operating margins."

Wipro provides comprehensive IT solutions and services, including systems integration, Information Systems outsourcing, IT enabled services, package implementation, software application development and maintenance, and research and development services to corporations globally.

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