The profit figure was lower than the Rs 2,820 crore predicted in an ET NOW poll.
Meanwhile, the IT major’s second quarter revenue rose 14.6% year-on-year to Rs 22,540 crore.
Anand James, Chief Market Strategist at
said: “On the face of it, a further break below the recent low, which has held since late June, is a clear red signal (for Wipro shares). But, put into perspective, the stock has fallen nearly double other IT biggies like or , from the 2021 peak. painting any signs of reversal, we could be in for another consolidation before the run starts. Deeper support is seen at Rs 282.”
The Bengaluru-based company’s operating margin in the IT services segment increased by 16 basis points quarter-on-quarter (QQ) to 15.1% in the said quarter. In constant currency terms, IT Services segment revenue increased 4.1% quarter-on-quarter and 12.9% year-on-year.
During the September quarter, Wipro’s Top 5 Customers grew 19% YoY and Top 10 Customers grew 17% YoY in constant currencies.
Wipro said its large contract bookings increased 42% year-over-year in the first half of 2023. Overall backlog in terms of TCV increased 24% year-on-year in the second quarter.
As of 12:06 p.m., the scrip was trading down 0.19% to Rs 376.6 from its last day’s trading price of Rs 377.30 each. The stock has fallen nearly 30% in the past six months while it is down 48% since the start of the year.
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)