Wipro posts solid Q2 performance

Wipro reported a 5.5% rise in sequential and 6% rise in year-on-year net profit at Rs21.92bn (USD337.5m) for the September quarter. India’s third-largest software services exporter posted revenue of Rs134.69bn while revenue from core IT services was Rs131.69bn. Significantly, Wipro now expects to grow at-best 2% in constant currency terms in the current October-December period, which the management claims reflects the momentum it needs to end the current fiscal with industry-matching growth. Wipro CEO Abidali Neemuchwala said he is satisfied overall with Wipro’s performance in Q2. At the end of September, Wipro saw its workforce decrease by 3,031 people to 163,759 employees as against 166.790 at the end of June quarter.