Wipro Climbs on Q2 Numbers

Wipro Ltd (NYSE:WIT) told investors its price was going up Wednesday, on financial developments in the latest quarter.

WIT reported the second quarter FY22 gross revenue growth of 30.1% year-on-year to $2.652 billion, beating the consensus of $2.57 billion.

IT Services segment revenue rose 29.5% Y/Y to $2.58 billion. Non-GAAP IT Services segment revenue grew 28.8% Y/Y. IT Services operating margin was at 17.8%, flat on an adjusted basis Q/Q and reported a decrease of 104 bps Q/Q.

Net income rose 18.9% Y/Y to $395.2 million. EPS was $0.07 at par with the consensus. It held $4.3 billion in cash and equivalents.
Wipro sees Q3 IT Services revenue of $2.631 billion - $2.683 billion, implying a 2%-4% quarter-on-quarter growth.

Wipro claims to be a leading global information technology, consulting and business process services company. “We harness the power of cognitive computing, hyper-automation, robotics, cloud, analytics and emerging technologies to help our clients adapt to the digital world and make them successful.

"A company recognized globally for its comprehensive portfolio of services, strong commitment to sustainability and good corporate citizenship, we have over 200,000 dedicated employees serving clients across six continents. Together, we discover ideas and connect the dots to build a better and a bold new future."

WIT shares traded higher by 63 cents, or 7.1% at $9.55 early Wednesday.