Wipro Q2 net down 14% to Rs 1,885 crore

IT firm Wipro reported a 14% decline in its consolidated net profit at Rs 1,885 crore for the second quarter ended September 30. The Bengaluru-based IT major had registered a net profit of Rs 2,189 crore in the year-ago period. Its gross revenue went up by 8% to Rs 14,541 crore during the second quarter, compared with Rs 13,423 crore in the corresponding quarter last year.

"We won our largest deal to date and four of our Business Units grew over 4% sequentially in constant currency terms. The demand environment is robust, especially for digital transformation and enterprise scale modernization services,” company's CEO Abidali Neemuchwala said, as the IT major added one more client in the $100-million club during the quarter.

The company's IT services revenue stood at $2,041.2 million during the quarter, with a sequential growth of 1.9%.

Wipro occupies the 4th position in the overall IT landscape in India, with HCL Technologies, which announced its results yesterday, taking the 3rd spot behind TCS and Infosys.

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Arundhati Bhattacharya, former Chairperson of SBI

The Board of Directors of Wipro has announced that Arundhati Bhattacharya, 62, is appointed as an independent director of the company. Bhattacharya retired as the chairperson of State Bank of India in October 2017.