Wipro revenue up 1.37% to $2 bn in Q2
BENGALURU: Wipro Ltd on Wednesday posted secondquarter revenue growth that beat analyst estimates even as the company’s divestment of some businesses in the past to make itself future-ready has taken some sheen off the financial performance in the first half of this financial year.
Bengaluru-based Wipro’s dollar revenue improved 0.72% sequentially to $2.04 billion in the quarter ended September 30. Revenue grew 1.37% on a yearover-year basis. In constant currency terms, revenue rose 1.6% on a sequential basis.
Since the earlier quarters had business from data centre operations, which Wipro did not have in the July-September quarter, its sequential growth in revenue both in constant and in dollar terms was higher at 2.8% and 1.9% respectively.
Wipro has outlined an at-best 1.3% growth in constant currency terms in the October-December period from the preceding quarter. The lower growth is primarily because the company has decided to carve out some business from its India geography.
Adjusting for this business, the company’s growth outlook is at-best 3% this quarter.
A Bloomberg survey of 25 analysts had forecast Wipro to post revenue of $1.96 billion, or ₹14,483.5 crore, in the September quarter. They estimated the company to post a profit of $288.91 million, or ₹2,130.1 crore, in the period. Wipro posted a profit of ₹1,889 crore during the quarter, missing estimates.
“I’m very happy with our performance in this quarter,” Wipro chief executive Abidali Neemuchwala told Mint. “Four of our SBUs (strategic business units) reported a more than 4% growth (in constant currency terms). So, overall, we are focused on execution to do better in the second half of the year”.