Wipro share rises 3.3% after IT major reports 36% rise in September quarter profit

The share price of Wipro rose 3.3% intraday on Wednesday as the IT major met street estimates for the September quarter. Wipro reported 35.82% year-on-year (Y-o-Y) jump in consolidated net profit and 7.27% rise in quarter-on-quarter profit growth.

Shares of Wipro, the fourth largest IT company, rose 3.3% intraday to Rs 251.8 on the BSE, post the second-quarter earnings. The stock has gained 5.63% in the last 6 days. A total of 3.73 lakh shares and 98.47 lakh shares are changed hands on the counters of BSE and NSE. The volume traded today has risen above 5, 10 and 30-day average volume recorded for the stock on both the bourses.

On year-to-date terms, the stock has risen 0.93% and 1.26% in one month.

Wipro reported consolidated net profit at Rs 2,561.20 crore in September quarter. In June quarter the firm had seen Rs 2,387.60 crore profit. Traditionally the second quarter is positive for the company.

Consolidated revenue of the IT major increased by 4% to Rs 15,125.60 crore in Q2FY20 as compared to Rs 14,541 crore in Q2FY19. The operating margins climbed 3.1% y-o-y, however, took a hit of 30 bps at 18.1% in Q2FY20 versus 18.4% in Q1FY20.  

CEO Abdidali Neemuchwal said, "We mentioned about a few deals in the last quarter that were getting delayed. Fortunately, we were able to close those deals. The order bookings in Q2 were relatively stronger than Q1," he said

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