Wipro Q1 profit rises 2.8%, IT services down 5.3% but margin expands

Wipro has also signed an agreement to acquire Brazil-based IVIA Servicos de lnformatica Ltda.

IT services firm Wipro's June quarter consolidated profit grew by 2.8 percent sequentially to Rs 2,390.4 crore, supported by other income (up 10 percent QoQ) and good operating performance.

Consolidated revenue from operations declined 5.3 percent quarter-on-quarter to Rs 14,922.8 crore.

Investors generally track Wipro's IT services, which reported a 4.6 percent sequential decline in revenue at Rs 14,595.6 crore due to lockdown in several countries following COVID-19 crisis but showed good growth in operating income.

IT services' earnings before interest and tax (EBIT) grew by 3.3 percent to Rs 2,782.2 crore and margin rose 146 bps QoQ to 19.06 percent during the April-June period.

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