Wipro Q2 net profit dips to Rs 2143 crore

Wipro Q2 net profit dips to Rs 2143 crore

Country's third largest software firm Wipro said its consolidated net profit increased 5.5 percent sequentially to Rs 2,191.7 crore for quarter ended September 2017.

This was higher than the company's revenue guidance range of $1.96 billion to $2.001 billion for the September quarter.

Revenues largely matched analysts' expectations but constant currency growth and Q3 guidance missed estimates. On a sequential basis, the profit was up 5.5 per cent, according to Indian Accounting Standards.

"Our unique digital capabilities powered growth in top clients and position us well to drive our clients' digital transformation", Abidali Z. Neemuchwala, CEO and member of the Wipro board, said.

Profit rose to Rs 2,192 crore ($337.5 million) in the three months ended September 30, from Rs 2,067 crore in the same period a year earlier, Wipro said. But what would be comforting for Wipro is that its growth rates are steadily rising.

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Revenues from IT services segment, which accounts for a significant portion of the company's topline, stood at $2.013 billion, up 2.1 per cent sequentially.

"Productivity gains generated by HOLMES automation suite and operational efficiencies overcame the incremental impact of wage hikes and expanded IT Services margin to 17.3 percent", Jatin Dalal, Chief Financial Officer said.

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

Revenue from banking, financial services and insurance rose 8.2 per cent, the company said. Healthcare continues to be volatile due to concerns around Affordable Care Act although we are hopeful of revenues bottoming out in Q3.

The stock price of Wipro which announced earnings after market hours closed down 0.24 percent at Rs 289.35 on the BSE. The big boost this quarter came from the BFSI segment, which recorded a sequential growth of 5.1%.

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