Wipro Q2 net profit rises 35% to Rs 2,552.7 crore

The Bengaluru-based company's revenue came in 4 per cent higher year-on-year at Rs 1,51,25.6 crore.

Wipro has guided for 0.8-2.8 percent sequential growth in IT service revenue for December quarter, saying revenue from that business is expected to be $2,065-2,106 million.

For the just-concluded quarter, the company's IT services segment revenue was at $2,048.9 million, an increase of 2.5 percent year-on-year, a Wipro statement said.

The operating margin for IT services in the just-ended quarter improved year-on-year to 18.1 percent. The net income at Rs 2,552.7 crore, translated into 35.1 percent increase.

Abidali Z. Neemuchwala, CEO and managing director said, "We had good in-quarter execution on both revenues and margins. The overall growth was broad-based with 6 out of 7 industry verticals growing on a YoY basis and we signed a large deal in India aligned to our strategy of taking global offerings to India customers."

Jatin Dalal, the chief financial officer said, "We delivered operating margins in a tight range after absorbing the impact of two months of the wage hike. Growth remains our priority and we remain invested for the future. We also successfully completed the share buyback program in September, which saw strong participation from our investors.”

Wipro statement said during the quarter ended September 30, 2019, the company concluded buyback of 323.1 million equity shares as approved earlier by the board of directors at their meeting on April 16, 2019. "This has resulted in a total cash outflow of Rs 10,500 crore ($1.49 billion).

Shares of Wipro ended at Rs 243.70 down Rs 0.35, or 0.14 percent on the BSE.