Wipro Shares Gain On Q2 Revenue Growth, Positive Q3 Outlook

Wipro Ltd WIT reported the second quarter FY22 gross revenue growth of 30.1% year-on-year to $2.652 billion, beating the consensus of $2.57 billion.
IT Services segment revenue rose 29.5% Y/Y to $2.58 billion. Non-GAAP IT Services segment revenue grew 28.8% Y/Y.
IT Services operating margin was at 17.8%, flat on an adjusted basis Q/Q and reported a decrease of 104 bps Q/Q.
Net income rose 18.9% Y/Y to $395.2 million. EPS was $0.07 at par with the consensus.
It held $4.3 billion in cash and equivalents.
Outlook: Wipro sees Q3 IT Services revenue of $2.631 billion - $2.683 billion, implying a 2%-4% quarter-on-quarter growth.
Price action: WIT shares traded higher by 3.14% at $9.2 in the premarket session on the last check Wednesday.

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