Wipro Q2 result: Wipro shares fall 7% after company’s 9% profit decline in Q2
New Delhi: Shares of Wipro were trading at Rs 378.95 at 12.56 pm, down 7.11 per cent from their previous close. The IT major reported a 9.27 percent drop in its consolidated profit after tax to Rs 2,659 crore for the quarter ended September 2022 The IT major was trading in the negative at Rs 3,082.85, down 0.60 percent on Thursday morning, after earnings missed market estimates.
Another IT major Infosys will report its earnings for the September quarter later today. However, during the quarter earnings, Wipro reported a 14.6% increase in its consolidated revenue at Rs 22,540 crore compared to Rs 19,667 crore in the same period last year. Its operating margin for the quarter under review was 15.1%, up 16 bps quarter-on-quarter (QoQ).
“Our bookings, major contract signings and solid growth in revenues underline our improved market competitiveness and improved value proposition,” said Thierry Delaport, CEO and Managing Director, Wipro. On Thursday, BSE IT was down 0.71 percent at 27,828.01 on the BSE bourse. Volatility remains high in equity markets as markets fell again on Thursday morning. Today’s decline is due to high inflation rates in the country.
At 9.42 am, the Sensex was trading down 252.94 points, or 0.44 percent, at 57,372.97, while the Nifty was down 65.70 points, or 0.38 percent, at 17,057.90. India’s retail inflation rose to over 7.41 percent in September. Bank of India’s mandated range was 2-6 per cent in the third quarter – nine consecutive months. Retail inflation stood at 7 percent in August.