BENGALURU: India’s Wipro reported stronger-than-expected second-quarter revenue on Thursday, driven by strong growth in Asia and Americas communications businesses and forecast revenue for the current quarter to be in line with some analysts’ estimates.
The country’s fourth-largest IT services firm posted a 1.8% rise year-on-year in consolidated revenue to 226.97 billion rupees ($2.58 billion) for the July-September quarter, topping analysts’ estimate of 226.90 billion rupees, per data compiled by LSEG.
The company expects a 0.5% decline to 1.5% revenue growth for the third quarter, in line with expectations from brokerage Kotak Institutional Equities.
That implies revenue will be in the range of $2.59 billion to $2.64 billion.
Net profit rose 1.2% to 32.46 billion rupees for the quarter, below analysts’ estimate of 33.01 billion rupees.
Three of the four markets grew led by Asia Pacific’s 3.1% and Americas One’s 0.5% growth.
The Bengaluru-based IT firm benefited from large contracts, including a $500 million-plus deal each with Phoenix Group and a U.S.-based telecom provider, making it the only top-five Indian IT company to secure two such mega deals this fiscal year.
Earlier this month, peers Tata Consultancy Services and HCL Tech beat revenue forecasts and flagged stronger demand in the second half of the year.
Wipro’s total deal bookings came in at $4.69 billion, down from $5 billion in the prior quarter but up from $3.6 billion a year earlier.
American Dollar Exchange Rate