Wipro's share price jumped over 5% in early trading on Friday after the company announced its second-quarter results for FY25 and a bonus share issue. The stock rose by as much as 5.34%, reaching ₹557.05 per share on the BSE.
Wipro, India's fourth-largest IT services provider, reported IT services revenue of ₹22,196 crore for the quarter ending in September, a 1.4% increase from ₹21,896.3 crore in the previous quarter. Its revenue in US dollars grew 1.3% to $2,660 million from $2,625.9 million. Large deal bookings increased by 28.8% quarter-on-quarter to $1.5 billion.
The company's IT services EBIT rose 3.5% to ₹3,732 crore from ₹3,605.7 crore, with EBIT margin improving by 30 basis points to 16.8% from 16.5%.
For the third quarter of FY25, Wipro expects IT services revenue between $2,607 million and $2,660 million, indicating sequential growth of -2.0% to 0.0% in constant currency terms.
Additionally, Wipro's board announced a bonus share issue in the ratio of 1:1.
According to brokerage firm Nomura, Wipro's second-quarter results exceeded expectations in all areas. While Wipro saw strong momentum in large deal wins during Q2, the guidance for the December quarter shows signs of weak seasonal performance. Nomura has given Wipro a ‘Buy’ rating, with a target price of ₹680 per share.
Antique Stock Broking noted that although Wipro’s revenue is expected to be weak in the third quarter, the company is confident in maintaining stable margins despite wage increases. However, they pointed out that Wipro’s revenue growth has lagged behind competitors like Infosys and HCL Technologies due to a bigger decline in consulting and discretionary spending. While Wipro’s business is improving, the next quarter's growth is expected to remain low. Antique Stock Broking values Wipro at a lower multiple (22x FY27 EPS), reflecting a 15% discount compared to its peers.
Due to weak third-quarter guidance, Antique Stock Broking reduced Wipro's revenue forecast for FY26 and FY27 by 1%-2% and cut earnings per share (EPS) estimates by 2%-3%. The firm maintained a ‘Hold’ rating on Wipro shares, keeping the target price at ₹575 per share.
As of 9:45 am, Wipro shares were trading 4.39% higher at ₹552 on the BSE.
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