Wipro on Tuesday posted a 35.1 per cent year-on-year (YoY) jump in its net profit at Rs 2,552.6 crore for the second quarter of the financial year 2019-20 (FY20). Gross revenue for the period came in at Rs 15,130 crore, up 4 per cent YoY.
Earnings per share (EPS) for the quarter was Rs 4.3 per share and grew 36.7 per cent YoY, the company said in its statement.
“We had a good in-quarter execution on both revenues and margins. The overall growth was broad based with 6 out of 7 industry verticals growing on a YoY basis and we signed a large deal in India aligned to our strategy of taking global offerings to India customers," said Abidali Z Neemuchwala, CEO and Managing Director.
As regards the outlook for the quarter ending December 31, 2019, the company said it expects revenue from IT Services business to be in the range of $2,065 million to $2,106 million. This translates to a sequential growth of 0.8 per cent to 2.8 per cent.
Further, during the quarter the company concluded the buyback of 323.1 million equity shares as approved earlier by the Board of Directors at their meeting held on April 16, 2019. This has resulted in a total cash outflow of Rs 10,500 crore ($1.49 billion).
IT Products Segment Revenue for the quarter was Rs 320 crore while IT Products Operating Margin for the quarter was 4.6 per cent.
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