Wipro shares jumped 7.6% to an all-time high on Thursday, a day after the computer services company posted an almost 19% increase in its quarterly consolidated net profit. The company’s IT services revenue in the quarter reached Rs 193.80 billion, up from Rs 147.68 billion a year earlier.
Wipro’s IT services revenue growth in the second quarter was ahead of the high-end of the guided lineup, analysts at IDBI Capital wrote in a note. “Wipro has recorded healthy revenue growth on an organic basis. The company, led by the new CEO, is on the verge of recovery,” the note said.
Wipro reported consolidated net profit of 29.31 billion rupees ($ 389.19 million) in the quarter ended September 30, up from 24.66 billion rupees a year earlier, beating analysts’ estimates of 28 , 48 billion rupees.
The company’s turnover amounted to Rs 196.67 billion against Rs 151.15 billion a year earlier.
Number 2 in the country’s IT services company, Infosys rose 4.4% after exceeding market estimates for quarterly consolidated net profit and revenue forecast between 16.5% and 17.5% during the fiscal year ended in March 2022.