Friday, 17 November, 2017

Wipro September Quarter Profit Rises 6%

Wipro's total income slipped 1.8 per cent to Rs 14,134.8 crore in the quarter under review from Rs 14,407.3 crore in the year-ago period it added. File Wipro September Quarter Profit Rises 6%
Marlene Weaver | 18 October, 2017, 13:20

India's third-largest software services exporter, Wipro Ltd, posted a 6 per cent rise in second-quarter profit on Tuesday, beating estimates, as revenue in its largest segment - banking, financial services and insurance - grew.

The Business Process Services (BPS) attrition in the company has increased notches by 70 basis points to 13.5% on the quarterly basis, the requlatory filing of the company revealed.

Wipro said while the top 10 accounts accelerated momentum by growing 4.3 per cent sequentially, digital revenues stood at 24.1 per cent of its IT services revenues. And the company has forecast growth between 5.8% and 8% in Q3 (revenue of $2,014-2,054 million). "We surpassed the milestone of $2 billion in quarterly revenues for IT services on the back of rigorous execution of our strategy", Wipro CEO Abidali Z Neemuchwala said. "FY18E will be the sixth successive year of single-digit Dollars revenue growth for Wipro, and it could be a challenge to hit double-digit growth even in FY19E given no visible improvement in growth guidance", he said.

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"Our third quarter outlook has the seasonal impact of furloughs and higher leaves".

The performance was within the revenue guidance provided by the company, and in morning trades on the New York Stock Exchange, the Wipro share price was marginally down. He said the banking and financial services industry vertical was performing strongly and telecom had bottomed out. "Communications business is challenged by project completions", added Neemuchwala. Neemuchwala said the company trained over 12,000 employees on digital skills in Q2, taking the total number trained on such skills to 80,000. "We believe the company may also have made some accounting changes but would need a clarification", said an analyst with a local brokerage. An innovation centre was set up on the west coast at Mountain View in California to co-innovate with customers.

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