© Reuters.
In recent financial results, Wipro (NYSE:)’s second quarter (Q2) of fiscal year 2024 (FY24) saw a sequential drop in revenue of 1.6% to Rs 22,395.8 crore, alongside a fall in dollar revenue of 2.3% to $2,713.3 million and a constant currency drop of 2% during the period.
Despite this, the IT services EBIT margin advnaced by 10 basis points quarter on quarter to 16.1%. The company also announced the merger of its five subsidiaries and projected a revenue between $2,617–2,672 million for its IT services business segment, reflecting a decline of 3.5–1.5% in constant currency terms.
On the other hand, Bajaj Auto reported a standalone profit increase of 20% year on year (YoY) for Q2 FY24 to Rs 1,836.1 crore. This was supported by a 5.6% YoY growth in standalone revenue from operations to Rs 10,777.3 crore despite an 8.7% YoY drop in sales volume. The company surpassed the Rs 2,000-crore EBITDA milestone for the first time at Rs 2,133 crore, with a margin expansion of 260 basis points YoY at 19.8%. Additionally, Bajaj Auto has adopted a revised dividend distribution policy.
Meanwhile, IndusInd Bank’s Q2 FY24 standalone profit was Rs 2,181.5 crore, up by 22.09% YoY due to a decrease in provisions and stable asset quality. The bank’s net interest income grew by 18% YoY to Rs 5,076.7 crore.
In other news, Bandhan Bank reported a Q2 FY24 profit of Rs 721.2 crore, marking a sharp increase of 245% on a YoY basis, led by a reduction in provisions, despite weakened asset quality. The bank’s net interest income rose by 11.4% YoY to Rs 2,443.4 crore. Bandhan Bank also announced the appointment of Abhijit Ghosh as the interim CFO.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
