Wipro Q2 Profit Rises 21.3%, But Revenue Down 1.0%

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(RTTNews) - India-based software services company Wipro Ltd. (WIT) reported Thursday that second-quarter net income attributable to equity holders was 32.09 billion Indian rupees or $383 million, up 21.3 percent from last year's 26.67 billion rupees.

Earnings per share were 6.12 rupees or $0.07, up 21.3 percent from 5.04 rupees last year.

Gross revenues for the quarter grew to 223.12 billion rupees or $2.66 billion, down 1.0 percent from 225.16 billion rupees a year ago.

Looking ahead to the third quarter, the company said it expects revenue from the IT Services business to be in the range of $2.607 billion to $2.660 billion, translating to a sequential decline of 2.0% to 0.0% in constant currency terms.

Wipro's Board of Directors also recommended issue of bonus shares to shareholders (including stock dividend to ADS holders) in the ratio of 1:1 (1 equity share for every 1 equity share held), subject to approval of shareholders.