Wipro Soars on Strong Q2 Profits Despite Revenue Challenges

Shares of Wipro surged nearly 4% after announcing a 21.2% rise in Q2 net profit. The company's stock performance gained, though future revenue shows weak guidance. Despite economic uncertainties, Wipro remains optimistic in maintaining profit margins while acknowledging upcoming challenges, including seasonal furloughs and fewer working days.

Shares of IT giant Wipro soared nearly 4% on Friday, bolstered by a strong second-quarter performance that revealed a 21.2% year-on-year increase in consolidated net profit. This announcement sparked a rally, sending the stock price up as much as 5.52% during the trading session.

Analysts noted the firm's market valuation surged by over Rs 10,414 crore, reaching a substantial Rs 2,87,049.91 crore. The stock witnessed significant trading volumes on both major exchanges, reflecting investor confidence even amid guidance indicating a tighter revenue growth outlook for the upcoming quarter.

CEO Srini Pallia attributed Q2's robust results to strategic execution and maintained optimism for the company's long-term potential, despite predicting flat sequential revenue growth for the next quarter due to seasonal factors.

(With inputs from agencies.)