Wipro Q2 results: Net profit jumps 21% to Rs 3,209 crore

Wipro Ltd reported a 21% increase in net profit, reaching Rs 3,209 crore for the quarter ending in September, compared to Rs 2,646 crore in the same period last year in an exchange filing.
The company also announced a 1:1 bonus share issue.
Before the results were disclosed, Wipro’s stock dipped by 0.65%, closing at Rs 528.7 on the NSE on October 17, while the Nifty 50 index dropped 0.9% for the day.
Wipro’s consolidated revenue for the July-September quarter decreased by 1%, amounting to Rs 22,302 crore, down from Rs 22,543 crore in the same quarter the previous year.
“Based on strong execution in Q2, we met our expectations for revenue growth, bookings, and margins. We continued to expand our top accounts, large deal bookings surpassed $1 Bn once again, and Capco maintained its momentum for another consecutive quarter. We grew in three out of four markets, as well as, in BFSI, Consumer and Technology and Communications sectors. We will continue to invest in our clients, our strategic priorities, and building a strong AI powered Wipro,” said Srini Pallia, CEO and Managing Director, Wipro.
Wipro announced that its total bookings for the quarter reached $3.56 billion. Bookings from large deals stood at $1.49 billion, marking a 28.8% growth compared to the previous quarter and a 16.8% rise year-on-year in constant currency terms.
The company’s IT services operating margin for the quarter was 16.8%, showing a 0.3% increase quarter-on-quarter and a 0.7% improvement year-on-year.
“On the back of operational improvements, we further expanded our margins by 35 basis points and our EPS grew 6.8 percent QoQ. Our operating cash flow continues to be robust at 132.3 percent of net income in Q2. As a result, cumulatively in the first half of this year we generated nearly $1 billion in operating cash flow,” said Aparna Iyer, Chief Financial Officer.