Wipro Share Price Today: Wipro Stock Jumps 10 Per Cent After Earnings Announcement Top Nifty Gainer

Wipro Soars Most In 16 Years After June Quarter Profit Beats Estimates: 10 Points

On Tuesday, Wipro reported a net profit of Rs 2,390.20 crore for the quarter ended June 30

Wipro shares surged nearly 18 per cent on Wednesday, its biggest single-day gain since May 2004, a day after the Bengaluru-based IT major reported a better-than-expected net profit in the April-June period. At 10:47 am, Wipro shares traded 15.75 per cent higher at Rs 260.50 apiece on the BSE, strongly outperforming the benchmark Sensex index which was up 1.82 per cent. Wipro had earlier during the session soared as much as 17.71 per cent to Rs 264.90 on the bourse.

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Wipro started the day with a gain of 5.31 per cent at Rs 237, compared to the previous close of Rs 225.05, and remained the top percentage gainer in the Nifty basket of 50 shares.
The stock led strong gains in the IT pack. The Nifty IT index - comprising technology stocks - spiked as much as 4.10 per cent to its higher intraday level recorded since February 26.
After market hours on Tuesday, the company had reported a net profit of Rs 2,390.20 crore for the quarter ended June 30, beating analysts' expectations.
Wipro's revenue came in at Rs 14,913.10 crore in the first quarter of current financial year, marking a fall of 5.08 per cent compared to the previous quarter.
Wipro said the conditions caused by the coronavirus pandemic could adversely affect its future sales, operating results and overall financial performance.
"Our operations may also be negatively affected by a range of external factors related to the COVID-19 pandemic that are not within our control," Wipro said in a statement.
The company said its IT services revenue stood at Rs 14,595.60 crore in the quarter ended June 30, down 4.58 per cent from the previous quarter.
In constant currency terms, Wipro said its IT services segment revenue declined 4.4 per cent on a year-on-year basis.
Operating margin - a key measure of profitability - in the IT services segment improved to 19.0 per cent in the June quarter, compared to 17.6 per cent in the January-March period.
“We expanded the margins during the quarter, despite lower revenues, on the back of solid execution of several operational improvements and rupee depreciation," chief financial officer Jatin Dalal said.