Software services provider Wipro on Tuesday reported a 35 per cent increase in profit to Rs 2,552 crore in the second quarter of the current fiscal compared with Rs 1,889 crore in the corresponding period of the last year. The IT behemoth's revenue for the quarter stood at Rs 15,125.6 crore for the quarter, marking a rise of 2.78 per cent compared to Rs 14,716.10 crore the previous quarter.
“We had good in-quarter execution on both revenues and margins. The overall growth was broad-based on 6 out of 7 industry verticals growing on a year-on-year basis and we signed a large deal in India aligned to our strategy of taking global offerings to India customers,” said Abidali Z Neemuchwala, CEO and managing director, Wipro.
The operating margin of Wipro for the quarter was at 18.1 percent, up by 3.1 percent from September 2018. The net income of the company for the quarter was Rs 25.5 billion ($361.4 million) which is 35.1 percent higher on a year-on-year basis.
Wipro's Earnings Per Share (EPS) for the July-September quarter was Rs 4.3 per share, 36.7 percent higher from a year ago. In the quarter ended September 30, 2019, Wipro concluded the buyback of 323.1 million equity shares, which resulted in a total cash outflow of Rs 10,500 crore.
"In the quarter ended September 30, 2019, the Company has concluded the buyback of 323.1 million equity shares as approved earlier by the Board of Directors at their meeting held on April 16, 2019. This has resulted in a total cash outflow of Rs 105 billion ($1.49 billion)," the company said in its stock exchange filing.