Wipro beats estimates but profit falls 9.6% QoQ; IT revenue up 7.7%

Technology services firm Wipro reported better-than-expected results for the second quarter of FY22, even though its profit fell 9.6 per cent sequentially because of higher amortisation cost on the Capco acquisition and salary hikes.

The firm reported IT services revenue at Rs 19,667 crore, up 30 per cent on a year-on-year basis and 7.7 per cent on a quarterly basis; the net income for the quarter was Rs 2,930.7 crore, down of 9.6 per cent on a quarter-on-quarter (QoQ) basis, but up 18.8 per cent YoY.

According to Bloomberg estimates, analysts on average expected Wipro to post revenue of Rs 19,363.4 crore and profit of Rs 2,875 crore.