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Wipro profit misses consensus by 16.8% in fiscal Q2

Wipro Ltd. said its normalized net income for the fiscal second quarter ended Sept. 30 amounted to 3.36 Indian rupees per share, compared with the S&P Capital IQ consensus estimate of 4.04 rupees per share.

EPS fell 5.6% year over year from 3.56 rupees.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 16.31 billion rupees, a decrease of 7.0% from 17.53 billion rupees in the prior-year period.

The normalized profit margin dropped to 11.8% from 14.0% in the year-earlier period.

Total revenue increased 10.0% on an annual basis to 137.66 billion rupees from 125.14 billion rupees, and total operating expenses grew 14.3% year over year to 115.97 billion rupees from 101.42 billion rupees.

Reported net income declined 7.7% year over year to 20.68 billion rupees, or 4.26 rupees per share, from 22.40 billion rupees, or 4.55 rupees per share.

As of Oct. 26, US$1 was equivalent to 66.83 Indian rupees.