IT services revenue for IT major Wipro exceeds Street estimates with annual growth of 29.5 percent to $ 2.58 billion for the second quarter of the current fiscal year.
In a press release, Wipro said it expects IT services revenue to be between $ 2.6 billion and $ 2.86 billion, with sequential growth of between 2-4%.
Net income for the quarter was $ 395.2 million, an increase of 18.9% year-over-year. The IT services operating margin was 17.8%, stable on an adjusted QoQ basis and was down 104 basis points QoQ. Thierry Delaporte, CEO and Managing Director, said: “The second quarter results demonstrate that our business strategy is working well. We achieved sequential organic growth of over 4.5% for the second consecutive quarter, which translated into 28% year-over-year growth in the first half of this fiscal year. I thank our customers, partners and colleagues as we surpassed the $ 10 billion annualized revenue milestone. ”
Jatin Dalal, Chief Financial Officer, said: “We have kept our second quarter operating margins within a narrow range, even after fully absorbing the impact of our recent acquisitions and investing significantly in our business in terms of sales. , capacities and talents. We completed a salary increase covering 80 percent of our colleagues, making it the second increase this calendar year. We recorded robust EPS growth of 23.8% year-on-year.
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