Wipro Q2 profit dips 14% on higher costs

New Delhi/ Bengaluru: Software services major Wipro on Wednesday posted a 13.8 per cent decline in consolidated net profit for the July-September quarter of 2018-19 due to higher expenses. The company posted a profit of Rs 1,889 crore for the quarter as against Rs 2,191.8 crore in the year-ago period, the company said in a regulatory filing. Earnings per share for the quarter was Rs 4.19. Expenses rose over 13 per cent to Rs 12,628 crore.

Its revenue from operations, however, grew 8.3 per cent to Rs 14,541 crore from Rs 13,423.4 crore in the year-ago period. Wipro, which gets bulk of its top line from IT services, said the IT services segment revenue was at Rs 14,380 crore ($2 billion). Former SBI chief joins board Former SBI chairperson Arundhati Bhattacharya has joined board of Wipro as an independent director for a term of 5 years, with effect from January 1, 2019, it said on Wednesday. The development comes within days after Reliance Industries appointed Bhattacharya on its board as independent additional director.

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