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Guidance upped as Q3 will see execution of orders, says Wipro

information technology | IST

Guidance upped as Q3 will see execution of orders, says Wipro

As the guidance indicates, Wipro is more optimistic of Q3, as the quarter is expected to see execution of orders, said Abidali Z Neemuchwala, managing director and CEO of the IT major.

“As our guidance indicates, we are more optimistic of Q3. I would just take one quarter at a time because there is a lot of macro uncertainties. In Q1, we were expecting a certain number of deals that we had won to get signed so that we could start and then there was a delay in signing, which we were fortunate to have in Q2,” said Neemuchwala in an interview with CNBC-TV18 on Wednesday.
The IT services major on Tuesday reported a 35 percent year-on-year (YoY) rise in consolidated net profit at Rs 2,552.7 crore for the second quarter ended September 2019. In the corresponding quarter last year, the company posted a net profit of Rs 1,889 crore.
Its total income for September quarter stood at 15,875.4 crore compared to 15,203.2 crore a year ago. The Bengaluru-based company's revenue came in 4 percent higher year-on-year at Rs 1,51,25.6 crore.
Wipro has guided for 0.8-2.8 percent sequential growth in IT service revenue for December quarter, saying revenue from that business is expected to be $2,065-2,106 million.
“We have managed our costs better. We have got certain credit, certain reimbursements, worked through the quarter and therefore we have done better on our cost optimisation by about 1.2 percent. So net-net that translates from 18.4 of Q1 to 18.1 in Q2," Jatin Dalal, CFO of Wipro, said.
“Our interest is to ensure that we get closer to our customers and build our delivery centres closer to our customers. So consequently we have done this exercise across all our global delivery centres, be it the US, be it the UK, be it Latin America and so on," said Bhanumurthy BM, president and chief operating officer of Wipro.
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