Wipro revenue slips 0.1%, gross margin improves

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IT consulting and business process outsourcing firm Wipro Ltd. reported revenue slipped 0.1% in its fiscal second quarter ended Sept. 30. However, gross margin improved.

(Indian rupees millions) Q2 2021 Q2 2020 % change Q2 2021 (US$ millions)
Revenue                 151,145                 151,256 -0.1% $2,055
Gross profit                   45,758                   43,250 5.8% $622
Gross margin percentage 30.3% 28.6%    
Profit for the period                   24,843                   25,612 -3.0% $338

Wipro reported its IT services revenue rose 3.7% to nearly $2.0 million.

The company, with headquarters in Bangalore, India, and East Brunswick, New Jersey, also announced today a deal to acquire Eximius Design, an engineering services company with expertise in semiconductor, software and systems design. Eximius was founded in 2013 and is based in San Jose, California. It has design centers in the US, India and Malaysia. The deal is expected to close in the quarter ending Dec. 31.

Guidance

Wipro expects IT services revenue to be up by 1.54% to 3.5%

Share price and market cap

Shares in Wipro set a new 52-week high today in India when they reached 381.70 Indian rupees (US$4.35). The company had a market cap of 2.15 trillion rupees (US$29.35 billion).