Software major Wipro on Tuesday reported Rs 2,190 crore net profit for the second quarter (Q2) of fiscal 2017-18, registering 6 per cent yearly and 5.5 per cent quarterly growth.
Profit rose to Rs 2,192 crore in the three months ended September 30, from Rs 2,076 crore in the previous quarter ending June 30.
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Bengaluru-headquartered Wipro posted revenue of Rs 13,469 crore, while revenue from core IT services was Rs 13,169 crore. The EBIT also came in higher than expected, as Rs 2,278.4 crore, as against CNBC TV18's poll estimate of Rs 2,191.2 crore.
"Productivity gains generated by our HOLMES automation suite and operational efficiencies overcame the incremental impact of wage hikes and expanded IT Services margin to 17.3%." said Jatin Dalal, Chief Financial Officer.
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IT Services segment revenues in dollar terms were $2,013.5 million, an increase of 2.1% sequentially (Non-GAAP constant currency increase of 0.3% sequentially) and 5.1% YoY (Non-GAAP constant currency increase of 2.8% YoY).
The company has also crossed the milestone of $2 billion revenue in IT Services in the United States dollar terms.
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On July 20, the Board approved a proposal for Buyback of up to 343.75 million equity shares at a price of Rs 320 per equity share - aggregating up to Rs 11,000 crore.