Wipro has reported a 1.2 per cent rise in net profit at Rs 2,700 crore for the December quarter against Rs 2,667.3 crore in the year-ago period.
Net profit was in line with Street expectations: brokerages such as Axis Securities had forecast a net profit of Rs 2,778 crore for the quarter.
During the period, revenues dropped to Rs 22,205.1 crore compared with Rs 23,229 crore in the same period of the previous year. It stood at Rs 22,515.9 crore in the preceding three months.
Ahead of the numbers, the expectation was that Wipro would post a revenue of around Rs 22,000 crore. The quarter saw its IT services segment revenue standing at $2,656.1 million, a decrease of 2.1 per cent sequentially.
Wipro has now forecast revenue from its IT services business segment to be in the range of $2,615-2,669 million.
HCL Tech beats Street
HCL Technologies on Friday beat estimates when it reported a 6.2 per cent rise in net profits for the quarter ended December 31 amid robust deal wins and solid performance from its service business.
The country’s third largest IT services firm posted a net profit of Rs 4,350 crore compared with Rs 4,096 crore in the corresponding period of the previous year. Analysts were expecting the Noida-based company to report a net profit of around Rs 4,000 crore.
Revenues also surpassed expectations at Rs 28,446 crore against Rs 26,700 crore in the year-ago period. Brokerages such as Motilal Oswal had forecast the revenues to stand at Rs 28,037 crore.
The company reaped the benefit of strong deal wins which had stood at $3969 million in the previous quarter. Though this came down to $1927 million in the October-December quarter, HCL Technologies said it won 18 large deals of which six were in services and 12 in the software segment.
“Revenue growth of 6 per cent quarter-on-quarter in constant currency was driven by strong momentum in both services and software business. We delivered an operating margin of 19.8 per cent, a 126 basis point improvement QoQ and 16 basis point improvement year-on-year,” C. Vijayakumar, managing director and CEO of HCLTech, said.
