Infosys, Wipro ADRs Today: American Depository Receipt (ADR) shares of Infosys and Wipro witnessed a sharp decline on the New York Stock Exchange (NYSE) after revealing its July-September quarter results for fiscal 2024-25 (Q2FY24). Infosys ADR crashed three per cent to $21.6 on the American stock exchange even after the IT major hiked its revenue guidance.
American Depositary Receipt (ADR) serves as a tool for the foreign companies to trade on US stock markets, just like the regular shares of US companies. Also, in theory, an ADR is similar to a special certificate issued by a US bank.
Infosys Q2 Results
Infosys announced its July-September quarter results for fiscal 2024-25 (Q2FY25) on Thursday, October 17, reporting a rise of 4.7 per cent in consolidated net profit at ₹6,506 crore, compared to ₹6,212 crore in the corresponding period last year. India’s second-largest information technology (IT) service provider’s revenue from operations in the second quarter of the current fiscal rose 5.1 per cent to ₹40,958 crore, compared to ₹38,994 crore in the year-ago period.
Wipro Q2 Results
Wipro on Thursday posted a 21.2 per cent year-on-year rise in its consolidated net profit to ₹3,208.8 crore for Q2 FY25 on higher operating profit but gave weak revenue guidance for the next quarter.
It had reported a profit of ₹2,646.3 crore in the year-ago period. The revenue from operations for the reporting quarter was ₹22,301.6 crore, a 0.95 per cent decline from ₹22,515.9 crore in Q2 FY24.
Wipro CEO and MD Srini Pallia said the Q2 was driven by strong execution, which enabled the Bengaluru-based firm to meet its expectations for revenue growth, bookings, and margins.
