Wipro profit declines 7.7% in Q2

Bengaluru, October 21

Software major Wipro on Friday reported consolidated net profit of Rs 2,074 crore for the second quarter (July-September) of fiscal 2016-17, registering a 7.7% decline from Rs 2,246 crore in same period year ago.

In a regulatory filing to the stock exchanges, the IT firm said consolidated revenue for the quarter under review (Q2), however, increased 10% to Rs 13,766 crore from Rs 12,514 crore in like period year ago.

In dollar terms, net income was $313 million and revenue $2,068 million ($2.1 billion), including $1,916 million ($1.9 billion) from services, which is 4.6% up year-on-year (YoY) but flat (0.8%) sequentially.

In rupee terms, IT services revenue grew 9% YoY to Rs 13,140 crore.

Gross profit from IT services segment declined 5% YoY to Rs 2,340 crore ($352 million) and operating margin remained flat at 17.8%. IANS