Wipro Q1: Profit Jumps 12%, Revenue Up 6%

Shares of Wipro Limited, jumped over 0.75% on Thursday, closing at 394.8 ahead of its quarterly results that were released after market close.

What Happened: The IT services giant reported a 6% increase in consolidated revenues at ₹22,831 crore, compared to the ₹21,528.6 crore revenue it booked in the same quarter last year. The profit for the period stood at ₹2,870 crore, up 12% from the ₹2,558.9 crore profit it booked during the same period last year. Bot the top line and the bottom line missed consensus estimates.

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The company’s EBIT came in at ₹3,458.2 crore. The EBIT margin was at 15.4% for the quarter. Basic earnings per share for the quarter came in at ₹5.23.

IT Services Segment Revenue for the quarter stood at $2,778.5 million. The company in a press release added that it expects revenue from the IT Services business segment to be in the range of $2,722 million to $2,805 million.

Price Action: Wipro’s share price was up 0.75% to close at ₹394.80 on Thursday.

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Editor’s Note: Artificial intelligence was used as a secondary aid in the writing of this story.

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