Wipro June Quarter Profit At Rs 2,388 Crore, Beats Street Estimates: 10 Points
- In a regulatory filing after market hours on Wednesday, Wipro said its revenue stood at Rs 14,716.1 crore for the quarter, marking a fall of 1.93 per cent compared to Rs 15,006.3 crore the previous quarter.
- “Our efforts on client mining have resulted in an addition of three customers in more than $100 million bucket,” said Abidali Z Neemuchwala, CEO and executive director, Wipro.
- Wipro said it added three accounts to the $100 million-plus revenue bucket during the quarter.
- “We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets," Mr Neemuchwala added.
- Wipro said it expects its IT services revenue to be in the range of $2,039 million-$2,080 million in the quarter ending September 30. This translates to a sequential (quarter-on-quarter) growth of 0-2 per cent, it added.
- The company said it has filed the draft letter of a buyback offer with market regulator Sebi after shareholders' approval. It also said it will complete the buyback process after Sebi's nod. Wipro's board had in April this year approved the Rs 10,500-crore share buyback proposal.
- The company's rivals Tata Consultancy Services (TCS) and Infosys, which reported their earnings last week, saw upbeat profit even as both flagged a teetering economy in the Western markets. Most of their revenue comes from the US and Europe markets.
- Events such as Brexit and the trade tussle between the US and China have slowed these economies, threatening to squeeze the over $150-billion Indian IT services industry as well.
- However, some analysts say the earnings might not boost the stock significantly. “Wipro numbers are not very good and not in line with the guidance given earlier. However, this has been already priced in,” Avinash Gorakshakar of Joindre Capital told NDTV.
- Wipro shares ended 0.13 per cent lower at Rs 259.70 apiece on the BSE ahead of the earnings announcement by the company, underperforming the benchmark Sensex index, which finished up 0.22 per cent rising for a third straight session.
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