Stock to Watch: Wipro shares in focus after co posts 21% YoY jump in Q2 PAT
Wipro will be in focus on Friday following IT major's July-September quarter earnings where the company reported a 21% jump in net profit to Rs 3,209 crore for the quarter ended September 2024 versus Rs 2,646 crore logged in the year-ago period. The figure was higher than ET Now poll estimates of Rs 3,050 crore.
Revenue from operations in the reported quarter stood at Rs 22,302 crore, marginally lower over Rs 22,516 crore posted in the corresponding quarter of the previous financial year.
Gross revenue was at Rs 22,300 crore ($2,662.6 million), an increase of 1.5% QoQ and a decrease of 1% YoY. IT services segment revenue was at $2,660.1 million, an increase of 1.3% QoQ and a decrease of 2% YoY. Non-GAAP2 constant currency IT Services segment revenue increased 0.6% QoQ and decreased 2.3% YoY.
“We expect revenue from our IT Services business segment to be in the range of $2,607 million to $2,660 million,” Wipro said in a company statement, spelling out the outlook for the quarter ending December 31, 2024. This translates to sequential guidance of (-) 2.0% to 0.0% in constant currency.
Commenting on the company's Q2 earnings, CEO and Managing Director Srini Pallia said Wipro was able to meet its expectations for revenue growth, bookings, and margins based on strong execution in Q2.
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