Wipro net down 14 per cent in second quarter story for biz news

Bengaluru: Global Software major Wipro on Wednesday reported Rs 1,886 crore consolidated net profit for the second quarter of the fiscal 2018-19, registering 14 per cent annual decline from Rs 2,190 crore in the same period a year ago.

Sequentially too, net profit declined 10 per cent from Rs 2,094 crore a quarter ago.

In a regulatory filing on the BSE, the city-based IT major said consolidated revenue for the quarter (Q2) under review, however, grew 8 per cent year-on-year (YoY) to Rs 14,540 crore from Rs 13,423 crore in the like period year ago and 4 per cent sequentially from Rs 13,978 crore a quarter ago.

Revenue from IT services for Q2 at Rs 14,380 crore is 9.1 per cent up YoY from Rs 13,172 crore a year ago and 5 per cent up sequentially from Rs 13,700 crore a quarter ago.

Under the International Financial Reporting Standard (IFRS), net income is $260 million and gross revenue $2,000 million.

Revenue from IT Services is $2,041 million, with a marginal up (1.3 per cent) annually from $2,014 million and flat (0.7 per cent) sequentially from $2,026 million a quarter ago./Eom.