At Rs 2,659 cr, Wipro Q2 profit misses estimates

IT services major Wipro on Wednesday said its net profit rose 3.7% sequentially to Rs 2,659 crore in the September quarter, coming in below Bloomberg estimates of Rs 2,847 crore. On an annual basis, however, net profit declined about 9% due to a higher one-time tax benefit in the same quarter of the previous fiscal.

Revenue for the quarter grew 14.6% annually and 4.7% on a sequential basis to Rs 22,540 crore on the back of a strong demand environment for cloud, digital engineering and cybersecurity services. The revenue narrowly missed Bloomberg estimates of Rs 22,581 crore.