In recent financial results, Wipro (NYSE:WIT)'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.
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