Wipro Q2 profit dips 13.8% YoY to Rs 18.86 bn, misses Street estimates

Revenues in line backed by Alight deal

Wipro’s second quarter earnings missed Street estimates on the profit and margin front, even though it was able to meet revenue projections on the back of accretion from its recent multi-billion dollar Alight deal win. The IT services firm reported a dip in its net profit with contraction in its operating margin, as it had to provide for Rs 5.14 billion towards a one-time settlement with one of its key clients.

In the quarter ended September, Wipro’s consolidated net profit fell 13.8 per cent year-on-year (YoY) to Rs 18.86 billion, while on a sequential basis, it dropped 9.9 per cent.