Wipro Shares Touch Record High On Better-Than-Expected Quarterly Numbers

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Wipro Shares Touch Record High On Better-Than-Expected Quarterly Numbers

Wipro shares surged as much as 7.6 per cent to a record high on Thursday morning

Wipro shares surged as much as 7.6 per cent to a record high on Thursday, a day after the IT services company logged a near 19 per cent rise in quarterly consolidated net profit. The company’s IT services revenue in the quarter rose to Rs 193.80 billion rupees compared with Rs 147.68 billion a year earlier.

Wipro’s second-quarter IT service revenue growth was ahead of the top-end of the guided range, analysts at IDBI Capital wrote in a note. “Wipro has registered healthy growth in revenues on an organic basis. The company, under the new CEO, is on the verge of a turnaround,” the note said.

Wipro reported a consolidated net profit of Rs 29.31 billion ($389.19 million) in the quarter ended September 30, compared with Rs 24.66 billion a year earlier, beating analysts’ estimates of Rs 28.48 billion.

Revenue at the company rose to Rs 196.67 billion versus Rs 151.15 billion a year earlier.

The country’s No 2 IT services company, Infosys rose as much as 4.4 per cent after it beat market estimates for quarterly consolidated net profit and forecast revenue to rise between 16.5 per cent and 17.5 per cent in the financial year to March 2022.

(This Article has not been edited by NEWSUP18 and it is auto-generated from a syndicated feed.)

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