Wipro Q2 Results: 21% Net Profit Surge, Shares Jump 5% Post Results

Wipro announced its Q2 financial results on Thursday, posting a 21% surge in net profits in the quarter ending 31 September 2024. It reported a net profit of ₹3,209 crore up from, ₹2,646 crore in the same period last year.
The IT giant also reported its Revenue from Operations was slightly down to ₹22,302 crore from ₹22,516 crore, recorded in the same quarter last year.

Quick Insights:

• Revenue: consolidated revenue fell 1% to ₹22,302 crore in the July-September quarter.
• Net Profit: ₹3,209 crores, increased by 21% compared to last year.
• EPS: ₹6.14, up by 21.3% YoY
• Management’s Take: Strong growth driven by robust execution in Q2, large deal bookings exceeding $1 billion, and expansion in key sectors. Outlook remains positive.
• Stock Reaction: Ahead of the results announcement, Wipro shares fell 0.65 percent to end at Rs 528.7 on NSE on October 17, while benchmark Nifty 50 fell 0.9 percent for the day.

Management Commentary:

The management emphasized that based on strong execution in Q2, expectations for revenue growth, bookings, and margins were met. The company achieved expansion in top accounts and large deal bookings surpassed $1 billion once again.

Srini Pallia, CEO and Managing Director at Wipro added, “Growth was experienced in three out of four markets, as well as in the BFSI, Consumer, and Technology and Communications sectors. Continued investment will be made in clients, strategic priorities, and the development of a strong AI-powered Wipro.”

Stock Market Reaction: 

Wipro announced its quarterly results around 3:45 pm on Thursday, post market hour. After results announcement, Wipro share price surged by approximately 5% in early trading on Friday following the company's positive earnings report for the second quarter of FY25.

Wipro was trading at approximately ₹552, 4.39% higher on NSE and BSE.

About Wipro & Upcoming News:

Wipro Limited is an Indian multinational technology firm specializing in information technology, consulting, and business process services. It ranks among the top six major Indian Big Tech companies.

The Wipro board has proposed a bonus share issuance at a 1:1 ratio. The record date for this bonus issue will be announced in due course.