Wipro (WIT) Reports In-Line Q2 EPS

Wipro (NYSE: WIT) reported Q2 EPS of $0.14, in-line with the analyst estimate of $0.14. Revenue for the quarter came in at $1.91 billion versus the consensus estimate of $1.98 billion.

T K Kurien, Member of the Board & Chief Executive Officer of Wipro, said – “During the quarter, we grew IT Services Revenues in dollar terms by 3.1% in constant currency and maintained margins in a narrow range. Wipro Digital, strengthened uniquely by the addition of Designit, with both strategic design process capability along with Wipro’s technological capability is positioning us uniquely as an integrated design and technology player. Wipro HOLMESTM, our cognitive intelligence platform, is engaged in 12 projects in business-critical areas for marquee customers and positioning Wipro favorably in the marketplace.”

Jatin Dalal, Chief Financial Officer of Wipro, said – “Our investments in next-gen delivery practices generated productivity to significantly mitigate the impact of wage hikes and utilization on operating margins. The impact of cross-currency on operating margins were compensated by the benefits from rupee depreciation.”

Outlook for the Quarter ending December 31, 2015

We expect Revenues from our IT Services business to be in the range of $1,841 million to $1,878 million*.

* Guidance is based on the following exchange rates: GBP/USD at 1.55, Euro/USD at 1.12, AUD/USD at 0.72, USD/INR at 65.34 and USD/CAD at 1.33

IT Services

The IT Services segment had a headcount of 168,396 as of September 30, 2015. We added 67 new customers during the quarter.

For earnings history and earnings-related data on Wipro (WIT) click here.

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