Wipro Q2 net profit slips 2.56% at Rs 1,284.9 cr

India's third largest IT services company Wipro has come out with its second quarter results of financial year 2010-11. It has reported consolidated net profit at Rs 1,284.9 crore as against Rs 1,318.6 crore, a decline of 2.56% on quarter-on-quarter basis (QoQ).

Consolidated revenues for the same period came in at Rs 7,730.5 crore versus Rs 7,236.4 crore, a growth of just 6.83% on QoQ basis.

Numbers were below expectations; CNBC-TV18 expected net profit at Rs 1,322.3 crore and revenues at Rs 7,832 crore.

The company's global IT revenues jumped 5.7% at USD 1.27 billion (QoQ). Wipro has posted forex loss at Rs 41.4 crore.

Global earning before interest and tax (EBIT) margins declined at 22.2% versus 24.5% and even overall EBIT margins slipped at 18.1% versus 20% (QoQ).

Q3 Guidance: Wipro expects Global IT revenues at USD 1.32-1.34 billion for Q3FY11.

Source : http://www.moneycontrol.com/

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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd