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Wipro shares at record high on better-than-expected quarterly profit

Reuters
Updated ·2-min read

BENGALURU (Reuters) -Shares of India's Wipro Ltd surged as much as 7.6% to a record high on Thursday, a day after the IT services company beat market expectations to log a near 19% rise in quarterly consolidated net profit.

The company also forecast revenue growth in the December quarter to be in the range of 2%-4% on improving demand for digital transformation-related services.

Over the past year, Wipro and rivals Tata Consultancy Services Ltd, Infosys and HCL Technologies have won large contracts from businesses investing in cloud-computing, digital payments, crypto platforms and cybersecurity.

Wipro said it expects an increase in digital-oriented and other strategic deals. Its IT services revenue rose to 193.80 billion rupees compared with 147.68 billion rupees a year earlier.

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"Wipro has registered healthy growth in revenues on an organic basis. The company, under the new CEO, is on the verge of a turnaround," analysts at IDBI Capital wrote in a note.

Analysts at Motilal Oswal see Wipro's guidance as positive and added the management's growth strategy, continued investment in talent and simplified operational model have started to benefit the company.

Infosys had also raised its annual revenue outlook on Wednesday, betting on higher demand from global businesses expanding their digital offerings. Shares rose as much as 4.4%.

However, last week TCS reported a drop in second-quarter orders to $7.6 billion from $8.6 billion a year earlier, causing shares to fall on fears such large deals that drove most of its growth were drying up.

Wipro reported a consolidated net profit of 29.31 billion rupees ($389.19 million) in the quarter ended Sept. 30, compared with 24.66 billion rupees a year earlier, and beating analysts' estimates of 28.48 billion rupees.

Revenue at the firm rose to 196.67 billion rupees versus 151.15 billion rupees a year earlier.

($1 = 75.3100 Indian rupees)

(Reporting by Vishwadha Chander in Bengaluru; Editing by Krishna Chandra Eluri)