Wipro September Quarter Profit Rises 6%

Wipro September Quarter Profit Rises 6%

A reasonably good performance in the September quarter notwithstanding, software major Wipro on Tuesday toned down revenue guidance for Q3FY18 to 0-2%.

Despite the impact of wage hikes, the company reported a 5.2% sequential increase in net profit to Rs 2,190 crore for Q2FY18, boosted largely by productivity improvements in utilisation and automation.

Wipro said while the top 10 accounts accelerated momentum by growing 4.3 per cent sequentially, digital revenues stood at 24.1 per cent of its IT services revenues.

Profit for the quarter ended June 2017 stood at Rs 2,076.5 crore. The healthcare segment was a drag on Wipro's revenues during the quarter, falling 5.2% sequentially.

"We surpassed the milestone of Dollars 2 billion in quarterly revenues for IT Services on the back of rigorous execution of our strategy", Abidali Z Neemuchwala, Chief Executive Officer and Member of the Board said.

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Revenue from IT products for the quarter was Rs 300 crore ($46 million). Rupee revenues were expected at Rs 13,200 crore while dollar revenues were estimated at USD 2,020 million for the quarter, with constant currency growth of 0.9 percent, according to average of estimates of analysts polled by CNBC-TV18.

The Bengaluru-based bellwether had registered a net profit of Rs 2,073.9 crore in the year-ago period. He said the banking and financial services industry vertical was performing strongly and telecom had bottomed out.

Though new customer acquisition declined to 41 in Q2 from 45 a quarter ago and 47 a year ago, the total number of active clients increased to 1,274 in Q2 from 1,244 a quarter ago and 1,180 a year ago, with better retention and 99.2 per cent repeat business from them.

The company shares ended the session down by 0.24 per cent at Rs 289.35 on the BSE.

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