Tuesday, 22 October 2013

Wipro Q2 PAT at Rs 1932.1 crore, up 19% QoQ

Wipro, India's third-largest software exporter on Tuesday reported a Profit After Tax (PAT) of Rs 1932.1 crore for the second quarter of the financial year versus Rs 1623 crore, up 19% quarter-on-quarter. This is above an ET Now Poll estimate of Rs 1850 crore.

The sales for Q2 were reported at Rs 10,990.7 crore versus Rs 9735 crore quarter-on-quarter. An ET Now Poll had estimated sales to be at Rs 10,933.7 crore.

The IT services sales came in at Rs 10,068 crore Rs 8936 crore, up 12.6% quarter-on-quarter. The IT services sales or Q2 in dollar terms stood at $1631.1 million versus $1588.3 million quarter-on-quarter. The Q2 IT services EBIT margin was reported at 22.7% versus 19.9% QoQ..

Wipro raised the Q3 IT services revenue guidance to $1.66-1.69 billion from $1.62-1.65 billion. The IT company added 45 new clients in Q2.

"We have signed a large multi-year deal with US banking company. Q2 operating margins have been strong despite wage hikes," the company said. "There are positive indicators on the global economy. Client confidence is on the uptick which has been reflected in earnings," it added.

Ahead of the results, shares in Wipro closed the day at Rs 514.90, up 1.67% on the Bombay Stock Exchange. The stock hit an intra-day high of Rs 518.00 and a low of Rs 509.20.

Wipro has been in a slow growth phase for longer than expected, but has started to win some large deals. In the year to March 2014, the $76-billion IT sector is estimated to expand 12-14%.

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