Wipro’s American Depositary Receipts (ADRs) pared losses after falling as much as 4.5% following the Bengaluru-based IT services company’s September-quarter results and December-quarter revenue guidance.
The ADRs were last trading at $1.78, down 1.1%.
Wipro expects revenue growth in the third quarter of the current financial year to range between a decline of 1.5% and growth of 0.5% sequentially in constant currency terms.
Wipro Q2 results
Wipro reported zero constant-currency revenue growth for the September quarter. A CNBC-TV18 poll had projected a decline of 0.75%.
In US dollar terms, revenue stood at $2,611.5 million, down 0.1% from $2,614.5 million in the June quarter. The figure was above the CNBC-TV18 poll estimate of $2,592.2 million.
In rupee terms, revenue rose 0.8% sequentially to ₹24,667 crore from ₹24,478.6 crore in the previous quarter, marginally below the poll estimate of ₹24,733 crore.
Wipro’s earnings before interest and tax (EBIT) margin improved to 16.5% in the September quarter from 16% in the June quarter, in line with the CNBC-TV18 poll estimate.
Net profit stood at ₹3,199.7 crore, down from ₹3,352 crore in the previous quarter and marginally below the CNBC-TV18 poll estimate of ₹3,248.6 crore.
Shares of Wipro ended at ₹174.05 on the NSE on Thursday, up 1.83%. The stock has gained nearly 2.4% over the past month but is down 34.9% so far this year.
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