BHUBANESWAR:IT services firm Wipro on Friday reported profits of Rs 2,093.6 crore, a 0.53 per cent rise from Rs 2,082.4 crore in the year-ago period, beating analysts’ estimates.Revenue from operations grew 2.58 per cent to Rs 13,977.7 crore compared to the same period last year when it posted Rs 13,626.1 crore. For the June quarter, IT services revenue was at Rs 13,700 crore, up 5.2 per cent from the year-ago period. In dollar terms, revenue from this segment grew 2.8 per cent year-on-year to $2,026.5 million.
The software firm, which gets bulk of its topline from IT services, placed its revenues from the business to be in the range of $2,009-2,049 million or a sequential growth of 0.3- 2.3 per cent for the second quarter ending September.
“We have seen pickup in spending in the developed markets, particularly in North America and BFSI. Our investments in digital continue to help us build differentiation in key industry segments, which is resulting in a consistent improvement in our client metrics,” said Abidali Z Neemuchwala, CEO.Neemuchwala added that while the firm continues to see challenges in the India business, it has maintained stronger momentum in the rest of the business led by BFSI and Americas.
Meanwhile, the Bengaluru-based firm said it would acquire Illinois-based Alight Solutions’ India services, a cloud-based human resources and financial solutions for a consideration of $117 million. The cash transaction is expected to be completed during the September quarter, subject to receipt of regulatory approvals and customary closing conditions.
The cash transaction is expected to be completed during the September quarter, subject to receipt of regulatory approvals and customary closing conditions.“This strategic partnership will enable Alight to accelerate investment in consumer-facing technologies and services across its health, wealth and cloud businesses by leveraging Wipro’s industry-leading strengths in automation, machine-learning and data analytics,” the company said in a statement.