Wipro - Q2 FY2013 Results - Underperforming its peers... - Microsec

Wipro Ltd (Wipro) announced its consolidated Q2 FY2013 results on 02 November 2012. The company's results came below our estimates.

While Wipro's top line sequentially remained almost flat at Rs.10,620.3 Crores, its bottom line inched up just 1.9% q-o-q to Rs.1,610.6 Crores in Q2 FY2013. Performance by IT Services business was also not an exception with just 0.7% sequential increase in revenues. However, the business reported a negative growth in operational profits leading to a 31 basis points decline in the margins. Both on Revenues and Net Income fronts, Wipro significantly underperformed its larger peers TCS and Infosys. With weak set of numbers and subdued guidance for Q3 FY2013, we remain cautious on the stock.

Source : Equity Bulls

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