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