Wipro Q2 revenue up 30% year over year
October 13, 2021
Wipro Ltd. (NYSE: WIT) reported revenue rose 30.1% year over year in its fiscal second quarter ended Sept. 30. Wipro also reported revenue in its IT services segment rose 29.5% year over year to $2.58 billion.
The IT services giant reported its revenue is on a run rate to surpass the $10 billion mark for the full year.
| (Indian rupees millions)|| Q2 2022|| Q2 2021|| % change|| Q2 2022 (US$ millions)|
| Revenue|| 196,674|| 151,145|| 30.1%|| $2,652|
| Gross profit|| 59,112|| 45,758|| 29.2%|| $797|
| Gross margin percentage|| 30.1%|| 30.3%|| || |
| Profit for the period|| 29,306|| 24,843|| 18.0%|| $394|
Wipro also released revenue for the Americas, which it divides into Americas 1 and Americas 2.
Americas 1 revenue rose 21.0% year over year to 53.21 billion Indian rupees (US$717 million), and Americas 2 revenue rose 33.3% to 59.26 billion Indian rupees (US$799 million).
Americas 1 includes revenue from US clients in the following industries: healthcare and medical devices, consumer goods, life sciences, retail, transportation and services, communications, media, and information services. It also includes Wipro’s entire Latin America business.
Americas 2 includes revenue from US clients in the following industries: banking, financial services and insurance, manufacturing, high tech, energy, and utilities. It also includes Wipro’s entire Canadian business.
Wipro expects IT services revenue to grow between 2.0% and 4.0% sequentially in the third quarter from the second quarter.
Share price and market cap
Shares in Wipro were up 7.74% to $9.61 in New York as of 1:30 p.m. Eastern time today; they were 1.95% below their 52-week high, according to FT.com. The company had a market cap of $47.76 billion.
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