Wipro stock nears day's high ahead of Q2 results

In Q1FY22, Wipro has posted a consolidated net profit of Rs3,242.6cr rising by 35.7% from Rs2,390cr a year ago same quarter.

Oct 13, 2021 11:10 IST India Infoline News Service

IT-major, Wipro is in focus on stock exchanges during Wednesday's trading session ahead of earnings for the quarter ending September 2021 (Q2FY22). However, a cautious note was witnessed in the stock. Wipro's peer Infosys will also be presenting its results for the same quarter, today.

At around 11.56 AM, Wipro is trading at Rs663.65 per piece up 0.7% on Sensex. The stock was near the day's high of Rs665.40 per piece earlier today.

Double-digit growth is also expected in Wipro's revenue and on the back of stellar ramp-up of large deals coupled with substantial contributions from Capco and Ampion acquisitions. Notably, Wipro is well placed to even record a double-digit upside in its net profit. Moreover, constant currency (CC) revenue growth guidance is expected to be increased going forward.

In Q1FY22, Wipro has posted a consolidated net profit of Rs3,242.6cr rising by 35.7% from Rs2,390cr a year ago same quarter. Revenue was at Rs18,252.4cr higher from Rs14,913.1cr of Q1FY21. Non-GAAP constant currency IT Services Segment Revenue increased by 12.0% QoQ and 21.3% YoY.

In the first quarter, Wipro announced that it expects IT services business revenue to be in the range of $2,535million to $2,583 million. This translates to a sequential growth of 5.0% to 7.0%.

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