Wipro Q2 Earnings: Profit increases by 17% year on year to Rs 2,930 Crore

Wipro Q2 Earnings: Wipro announced a 17 percent increase in consolidated net profit to Rs 2,930 crore for the second quarter ended September 2021 on Wednesday. The Bengaluru-based company reported a net profit of Rs 2,465.70 crore in the same period last year.

Wipro stated in a regulatory filing that its consolidated sales climbed by approximately 30% to Rs 19,667 crore in the reporting quarter from Rs 15,114 crore the previous fiscal. In addition, Wipro’s annualised revenue run rate topped $10 billion (about Rs 75,300 crore).

The IT services sector is expected to generate revenue in the range of $2,631 million to $2,683 million in the third quarter. This amounts to a 2 percent to 4% sequential increase.

Wipro’s IT services segment revenue was $2,580.0 million, up 6.9% quarter over quarter and 29.5 percent year over year. Revenue in the non-GAAP 2 constant currency IT services category climbed by 8.1 percent quarter over quarter and 28.8 percent year over year. – Wipro Q2 Earnings

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The IT services operating margin for the quarter was 17.8%, flat on an adjusted basis QoQ and down 104 basis points. The company’s net income for the quarter was Rs 29.3 billion ($395.2 million), up 18.9% year on year. For the quarter, earnings per share were Rs 5.36 ($0.071), up 23.8 percent year on year.

According to Thierry Delaporte, CEO and managing director, “Our business plan is performing effectively, as seen by our Q2 results. For the second quarter in a row, we increased at over 4.5 percent organic sequentially, resulting in a 28 percent YoY increase in the first half of this fiscal year. I’d like to congratulate our customers, partners, and coworkers for helping us reach the $10 billion mark in yearly revenue run rate.”

According to Jatin Dalal, the chief financial officer, “Even after absorbing the full impact of our recent acquisitions and investing considerably in our business across sales, capabilities, and personnel, we maintained our operating margins in a narrow band in Q2. We finished a compensation rise that covered 80% of our employees, making it the second raise this calendar year. We saw a 23.8 percent increase in EPS year over year.”

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According to the company, it added two clients worth $100 million or more, bringing the overall number of clients to 15, and one client worth $75 million or more, bringing the total number of clients to 28 as of September 2021. In comparison to the previous quarter, it recruited two clients in the $50 million+ category, five in the $20 million+ band, and six in the $10 million+ category.

Banking, financial services, and insurance climbed by 11.1 percent sequentially, accounting for 34.8 percent of overall IT services revenue. In the September quarter, the consumer segment, which accounted for 17.3 percent of revenue, grew by 6.5 percent year over year. – Wipro Q2 Earnings

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In the September quarter, the health, ENU (energy, natural resources and utilities), technology, manufacturing, and communications categories reported sequential growth of 5.1 percent, 0.6 percent, 6.5 percent, 3.1 percent, and 6.1 percent, respectively. It also finalised the $1.45 billion acquisition of London-based The Capital Markets Company Capco, a banking and financial services consulting organisation, on April 29. It was the company’s largest-ever buyout to date.

The results were released after the market had closed for the day. On the BSE, Wipro’s stock ended the day at Rs 672.55, up Rs 13.50, or 2.05 percent.

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