Shares of technology services provider Wipro Ltd. are trading with gains on Wednesday, October 14, a day prior to reporting their second quarter results. It is expected to be yet another subdued quarter for the company, which has underperformed its largecap peers.
Analysts polled by CNBC-TV18 have projected Wipro’s revenue in US dollar terms to decline 0.9% to $2,592.2 million from $2,614 million in the previous quarter. The revenue in rupee terms is projected to increase by 1% to ₹24,733 crore, from ₹24,478.6 crore in the June quarter.
Wipro’s Earnings before interest and taxes (EBIT) margin is set to remain unchanged at 16%, as per the CNBC-TV18 poll. During the June quarter, Wipro’s EBIT margin saw a big miss, contracting to 16% from 17.3% last quarter, and also turned out to be lower than what analysts had projected, which was 16.9%.
Meanwhile, Wipro’s profit after tax (PAT) may decline 3.1% to ₹3,248.6 crore from ₹3,352 crore sequentially, the CNBC-TV18 poll projected.
Wipro’s reported constant currency growth is likely to be a negative 0.75%, while organic constant currency growth could be worse at a negative 1.4% on a sequential basis. The projection itself is the weakest among Wipro’s largecap peers.
In case that does happen, it will be the third consecutive quarter of organic decline for Wipro, and will be closer to the lower end of its revenue guidance, which ranged from a positive 0.5% to a negative 1.5%.
Wipro’s peer TCS has reported a constant currency revenue growth of 0.5%, while HCLTech has reported that figure at 2.3% during the September quarter.
The reported constant currency growth is estimated to be negative this quarter despite a 60 basis points to 80 basis points contribution from Mindsprint (Olam) and AlphaNet Consulting.
Benefits from the reversal of the first quarter wage hikes, rupee depreciation and cost savings will be offset by negative operating leverage and M&A linked costs.
Wipro’s third quarter guidance expected to be between 0% to positive 0.5% and on the negative side it is seen between negative 1.5% to negative 2%.
Shares of Wipro are trading 1.4% higher on Wednesday at ₹171.33. The stock is still down 36% so far this year.
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