Wipro, India’s third-largest IT services corporation by market capitalization, saw its stock rise on Thursday.
For the quarter ended September 30, 2021, the IT company recorded a 17 percent rise in total net profit to Rs 2,930.6 crore. At the same time a year before, the firm made a net profit of Rs 2,484.4 crore. Wipro said that its annual rate revenue run rate has exceeded USD 10 billion (about Rs 75,300 crore) and that it is on track to hire 25,000 workers in the upcoming financial year. On the BSE, the stock surged 7.59 percent to a 52-week high of Rs 723.65. It rose 7.62 percent to a 52-week high of Rs 723.90 on the NSE.
Wipro’s consolidated revenue climbed by approximately 30% to Rs 19,667.4 crore in the quarter, compared to Rs 15,114.5 crore in the same quarter of the previous year.
“The Q2 results demonstrate that our business strategy is working well. We grew at over 4.5 percent organic sequential growth for a second quarter in a row, resulting in a 28 percent YoY growth in the first half of this financial year,”
Wipro CEO and MD Thierry Delaporte said.
Jatin Dalal, Chief Financial Officer at Wipro, said
“we sustained operating margins in Q2 in a narrow band even after absorbing the full impact of recent acquisitions and investing significantly in business across sales, capabilities, and talent.”
Wipro reported broad-based expansion across all markets, sectors, and worldwide business lines. Two new clients in the $100 million-plus range and two more in the $50 million-plus range have joined the firm.
On the National Stock Exchange, the company’s shares closed 2% higher at Rs. 672.4.