Wipro posts 6% rise in second-quarter profit

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Despite the impact of wage hikes, the company reported a 5.2% sequential increase in net profit to Rs 2,190 crore for Q2FY18, boosted largely by productivity improvements in utilisation and automation. Revenue from IT services overall increased to Rs 13,169 crore ($2.03 billion) from Rs 13,137 crore, slightly above its forecast of a range of $1.96 billion to $2 billion. IT services revenue in dollar terms grew by 2.1 per cent quarter-on-quarter to USD 2.013 billion in July-September, while constant currency sequential growth was 0.3 per cent. The country's third-largest software services exporter reported operating profit margins (for IT services) of 17.3%, up 50 basis points over the June quarter, with the management indicating they would remain in this narrow band.

Revenue from IT products for the quarter was Rs 300 crore ($46 million). "FY18E will be the sixth successive year of single-digit Dollars revenue growth for Wipro, and it could be a challenge to hit double-digit growth even in FY19E given no visible improvement in growth guidance", he said.

Revenues from IT services segment, which accounts for a significant portion of the company's topline, stood at $2.013 billion, up 2.1 per cent sequentially. But what would be comforting for Wipro is that its growth rates are steadily rising. He said the banking and financial services industry vertical was performing strongly and telecom had bottomed out. "ENU (Energy & Utilities) is stable, with performance impacted by slower growth in the Gulf region", said the CEO.

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The company enhanced its design and advisory capability in North America through the acquisition of Cooper, a design and business consultancy. Healthcare continues to be volatile due to concerns around Affordable Care Act although we are hopeful of revenues bottoming out in Q3. Neemuchwala said the company trained over 12,000 employees on digital skills in Q2, taking the total number trained on such skills to 80,000.

Locals account for 52 per cent of the company's USA workforce.

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