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Wipro advances after Q1 results

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Wipro rose 2.23% to Rs 265.50 at 9:32 IST on BSE after consolidated net profit fell 3.86% to Rs 2,387.60 crore on a 1.93% fall in net sales to Rs 14716.10 crore in Q1 June 2019 over Q4 March 2019.

The announcement was made after market hours yesterday, 17 July 2019.

Meanwhile, S&P BSE Sensex was down 113.33 points or 0.29% at 39,102.31.

On BSE, 1.48 lakh shares were traded in Wipro counter, compared to a 2-week average of 1.92 lakh shares. The share price hit an intraday high of Rs 268.15 and an intraday low of Rs 258. It hit a 52-week high of Rs 301.55 on 14 June 2019 and a 52-week low of Rs 197.93 on 23 July 2018.

Wipro's IT services segment revenue was $2,038.8 million in Q1 June 2019, an adjusted increase of 4.3% year-on-year (YoY). IT services operating margin for the quarter was at 18.4%, an increase of 0.8% YoY.

Wipro expects revenue from IT services business to be in the range of $2,039 million to $2,080 million. This translates to a sequential growth of 0.0% to 2.0%.

Abidali Z. Neemuchwala, CEO and executive director said, "Our efforts on client mining have resulted in an addition of three customers in more than $100 million bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets."

Jatin Dalal, chief financial officer said, "We delivered IT services margins of 18.4% and Free Cash Flows of 98.8% of our Net Income. We had a slower start to the year, we however remain focused on our operations and continue to invest in talent and capabilities for the future."

The IT major said it will complete its previously announced its Rs 10,500 crore buyback proposal of up to 32.31 crore equity shares at Rs 325 each after receiving approval from market regulator Sebi.

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 18 2019. 09:52 IST