IT major Wipro Q2 net profit jumps 35% for FY 2019-20

Business News, State, (Bengaluru), October 16:-Information Technology (IT) services major Wipro said on Tuesday its consolidated net profit jumped 35 per cent to Rs 2,553 crore for the second quarter (July to September) of current financial year 2019-20.

Reporting results under the International Financial Reporting Standards (IFRS), the software major said its total income moved up to Rs 15,875 crore from Rs 15,203 crore in the same period. Of this, gross revenue was Rs 15,130 crore, marking an increase of 4 per cent year-on-year.

Earnings per share (EPS) for the quarter was Rs 4.30 per share and grew 36.7 per cent year-on-year, the company said in a statement.

“We had good in-quarter execution on both revenues and margins,” said Abidali Z Neemuchwala, CEO and Managing Director. “The overall growth was broad-based with six out of seven industry verticals growing on a year-in-year basis. We signed a large deal in India aligned to our strategy of taking global offerings to India customers.”

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

In the quarter ended September 30, Wipro concluded the buyback of 323.1 million equity shares as approved earlier by the board of directors on April 16. This resulted in a cash outflow of Rs 10,500 crore.

-(NAV, Inputs: Agencies)

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