IT major Wipro's IT services revenue beats street estimates with a year-on-year growth of 29.5 per cent to $2.58 billion for the second quarter of the current fiscal.

In a press statement, Wipro said it expects IT services' revenue to be in the range of $2.6-2.86 billion with a sequential growth between 2 and 4 per cent.

Net income for the quarter was $395.2 million, an increase of 18.9 per cent on a year-on-year basis. The IT services operating margin was at 17.8 per cent, flat on adjusted basis QoQ and reported a decrease of 104 bps QoQ. Thierry Delaporte, CEO and Managing Director, said, “the Q2 results demonstrate that our business strategy is working well. We grew at over 4.5 per cent organic sequential growth for a second quarter in a row, resulting in a 28 per cent YoY growth in the first half of this financial year. I thank our customers, partners, and colleagues as we surpassed the $10 billion milestone of annualised revenue run rate.”

Jatin Dalal, Chief Financial Officer, said, “we sustained our operating margins in Q2 in a narrow band even after absorbing the full impact of our recent acquisitions and investing significantly in our business across sales, capabilities and talent. We completed a salary increase covering 80 per cent of our colleagues, making it the second hike in this calendar year. We delivered robust growth in EPS of 23.8 per cent y-o-y.”