Wipro Q2 Results: IT services firm guides for Q3 revenue growth to be between -1.5% to 0.5%

Bengaluru-based IT services provider Wipro Ltd. expects revenue growth in the third quarter of the current financial year to range between -1.5% to 0.5% on a sequential basis in constant currency terms. A CNBC-TV18 poll had projected this figure to be a negative 1.5% to positive 0.5%, or from negative 2% to 0%.
For the September quarter, Wipro reported constant currency revenue growth of 0%. A CNBC-TV poll had pegged the figure to be a negative 0.75%. In US Dollar terms, Wipro reported revenue of $2,611.5 million, which is 0.1% lower than the June quarter figure of $2,614.5 million and in-line with the CNBC-TV18 poll of $2,592.2 million.

In rupee terms, revenue growth stood at 0.8% to ₹24,667 crore, compared to ₹24,478.6 crore in June and lower the poll figure of ₹24,733 crore. EBIT margin for the quarter stood at 16.5%, compared to 16% in the previous quarter. The figure in the CNBC-TV18 poll also stood at 16%.
Wipro's net profit at the end of the September quarter stood at ₹3,199.7 crore, which is marginally lower than the CNBC-TV18 poll figure of ₹3,248.6 crore. The company had reported a net profit of ₹3,352 crore in the June quarter. Shares of Wipro ended 1.8% higher ahead of the results announcement at ₹174.05.

The stock is down 35% so far this year and is the worst performing stock on the Nifty IT index. This is breaking news and will be updated with more.