FX.co ★ Wipro Q2 Profit Rises 21.3%, But Revenue Down 1.0%

Wipro Ltd., a software services company based in India, announced a strong performance in the second quarter, reporting a net income attributable to equity holders of 32.09 billion Indian rupees (approximately $383 million). This marks a significant increase of 21.3% from the previous year's figure of 26.67 billion rupees.

The company's earnings per share also saw an upward trajectory, reaching 6.12 rupees (or $0.07), a 21.3% rise from 5.04 rupees in the prior year.

However, the gross revenue for the quarter registered a slight dip, decreasing by 1.0% to 223.12 billion rupees ($2.66 billion) from 225.16 billion rupees recorded a year ago.

Looking forward to the third quarter, Wipro anticipates its IT Services business revenue to range between $2.607 billion and $2.660 billion. This forecast indicates a possible sequential decline ranging from 2.0% to a stable 0.0% in constant currency terms.

In addition, the Board of Directors at Wipro has proposed the issuance of bonus shares to shareholders, including stock dividends for ADS holders, on a 1:1 basis (one additional equity share for each share held). This proposal is subject to shareholder approval.