Wipro Q2 net profit at Rs. 2192 crore

Wipro Q2 net profit at Rs. 2192 crore

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Wipro Limited announced financial results under International Financial Reporting Standards (IFRS) for its quarter ended September 30, 2017.

The net profit for the quarter stood at Rs. 2192 crore.

Gross Revenues were Rs.134.2 billion ($2.1 billion).Net Income for the quarter was Rs. 21.9 bn ($336 million), an increase of 5.5% sequentially and 6.0% YoY.

IT Services Margin for the quarter was 17.3%, as compared to 16.8% for the quarter ended June 30,2017

“We surpassed the milestone of $2 billion in quarterly revenues for IT Services on the back of rigorous execution of our strategy.” said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board.

“Our unique Digital capabilities powered growth in top clients and position us well to drive our clients’ digital transformation.”

“Productivity gains generated by our HOLMES automation suite and operational efficiencies overcame the incremental impact of wage hikes and expanded IT Services margin to 17.3%.” said Jatin Dalal, Chief
Financial Officer.

Wipro expect Revenues from IT Services business to be in the range of $2,014 million to $2,054 million.

Highlights for the quarter
The number of customers in >50 buckets increased from 36 to 39.
Opened a local innovation center in Mt View, California. 50+ client CXOs have visited in the first 50 days
We trained 12,000 employees on digital skills.
Digital revenues at 24.1% of IT Services revenues, now forms nearly a quarter of our IT Services business.
Gross Utilization has expanded by 90 bps sequentially to end Q2 at 72.9%
Generated productivity of 2,500 people in the L2 and above bucket leveraging Wipro HOLMES