Wipro bounces back in Q1, net profit rises 2% to Rs 21 billion

The IT services firm was able to beat Street estimates on revenue

Wipro, India’s third-largest IT services company, on Friday announced better-than-expected financial numbers for the first quarter ended June 2018. This was backed by a revival in the key BFSI (banking, financial services, and insurance) vertical, apart from strong growth in North America, which accounts for 55 per cent of the company’s revenues.

The firm met the upper end of its revenue guidance in the first quarter of FY19 while the management commentary reflected an uptick in the demand environment with sound deal flows in coming quarters.

The firm posted a net profit of Rs 21.2 billion in the first quarter, up 2.1