Q2 Results: Wipro’s Profit Misses Estimates

Wipro Ltd.’s profit missed estimates as it recorded a loss from a one-time settlement with one of its key clients.

Wipro expects automation to drive margins, Chief Financial Officer Jatin Dalal said in a press statement. “Consistent improvement in our operating metrics reflects our relentless rigor of execution, which has resulted in our adjusted IT services margin reaching 18.1 percent in Q2.”

Chief Executive Officer Abidali Neemuchwala said the demand environment is robust for digital transformation and enterprise scale modernisation services.

The company, in a separate exchange filing, also announced the appointment of former State Bank of India Chairman Arundhati Bhattacharya as an independent director for five years starting Jan. 1.

Shares of Wipro ended 0.65 percent lower ahead of its earnings announcement compared with a 0.25 percent rise in the Nifty IT Index.