Wipro second quarter net profit contracts by 9.3% to `2,659 crore

New Delhi: IT services major Wipro Ltd on Wednesday reported a 9.3 per cent drop in its September quarter net profit, weighed down by rising staff expenses and lower non-US earnings.

Profit attributable to equity shareholders of the company was 9.3 per cent lower at Rs 2,659 crore, the company said in a statement.

The company had reported a consolidated net profit of Rs 2,930.6 crore in the same period a year back.

However, on a sequential basis, profit rose 3.72 per cent in the quarter under review, from Rs 2,563.6 crore in the previous June quarter.

The Bengaluru-based company's revenue from operations stood at Rs 22,539.7 crore, a 14.60 per cent growth over Rs 19,667.4 crore in the previous year.

Operating margin for the quarter came in at 15.1 per cent, an increase of 16 bps quarter-on-quarter, the company said in a filing.

"The solid growth in our bookings, large deal signings, and revenues underscores our improved market competitiveness and enhanced value proposition," said Thierry Delaporte, CEO and Managing Director.

The firm promoted over 10,000 employees and its attrition rates recorded a third consecutive quarter of moderation.

Jatin Dalal, Chief Financial Officer, said, "We achieved margins of 15.1 per cent in Q2 after absorbing the impact of salary increases and promotions.