WIPRO - Q2FY21 Results - Angel Broking

Mr. Jyoti Roy - DVP - Equity Strategist, Angel Broking Ltd

"Wipro reported a 3.7% qoq growth in IT services revenues to USD 1.99bn which was slightly ahead of street estimates. In rupee terms consolidated revenue increased by 1.4% qoq to ₹15,115 crore while gross profits increased by 0.7% qoq to ₹4,576 crore. Gross margins contracted by 20bps qoq to 30.3% which could be attributed to rupee appreciation during the quarter. Consolidated operating profit for the quarter was up by 4.4% qoq while consolidated operating margins were up by 55bps qoq to 18.6%. Operating margins for the IT services business improved by 20bps qoq to 19.2%. Net profit for the quarter was up by 3.2% qoq to ₹2,466 crore. Management revenue growth guidance of 1.5%-3.5% for IT services in Q3FY2021 is ahead of street estimates and reaffirms continued improvement in the demand environment. The company also announced a buyback of up-to ₹ 9,500 crore at a price of ₹400 per share which is at a premium to current market price."

Shares of WIPRO LTD. was last trading in BSE at Rs.375.75 as compared to the previous close of Rs. 377.55. The total number of shares traded during the day was 1576379 in over 20031 trades.

The stock hit an intraday high of Rs. 381.7 and intraday low of 373. The net turnover during the day was Rs. 593745362.

Source : Equity Bulls

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