Wipro shares jump over 2% in early trade; pare gains later

PTIUpdated: Friday, July 16, 2021, 12:47 PM IST
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Wipro on Thursday posted a 35.6 percent jump in June quarter consolidated net profit to Rs 3,242.6 crore, |

Shares of IT major Wipro on Friday gained over 2 percent in early trade after the company posted a 35.6 percent jump in June quarter consolidated net profit and exuded confidence in logging double-digit revenue growth in FY22.

The stock jumped 2.30 percent to Rs 589 on the BSE in early trade. But, as the trade progressed the stock erased its early gains and was trading lower by 0.45 percent at Rs 573.15.

At the NSE also, after an upbeat start and a gain of 2.31 percent in early trade, the stock was later trading at Rs 572.90, lower by 0.52 percent.

At 12.41 PM, the stock was down 0.34 percent at Rs 573.80 on the BSE. At the NSE, the scrip was down 0.38 percent at Rs 573.70 share apiece.

Wipro on Thursday posted a 35.6 percent jump in June quarter consolidated net profit to Rs 3,242.6 crore, and exuded confidence in logging double-digit revenue growth in FY22 following stellar Q1 performance and robust demand environment.

The Bengaluru-based company had registered a net profit (attributable to equity holders) of Rs 2,390.4 crore in the year-ago period, as per Indian Accounting Standards (Ind-AS). Its revenue from operations rose by 22.3 per cent year-on-year to Rs 18,252.4 crore in the reported quarter.

"We are in an acceleration mode, we have ramped up our supply chain engine and improved our talent acquisition machine and it has certainly helped. We have had a very strong performance in bookings now for three quarters...," Wipro CEO and Managing Director Thierry Delaporte said during a virtual briefing.

While the company doesn't provide guidance for the full fiscal, "the performance of Q1 and the Q2 guidance... (makes it) clear that we are gearing up for growth that will be well ahead of double-digit growth for the full year, even excluding Capco", he added

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