Wipro reported flat net profits at Rs.2390 crore in the Jun-20 quarter. Revenues for the quarter were up 1.5% at Rs.14,913 crore in the Jun-20 quarter. The good news for Wipro was that its EBIT margins improved by 150 basis points to 19.1%. Wipro added 42 new customers during the Jun-20 quarter.

Fall in tech spending is a real risk for Wipro. Overall, Wipro appears to have held its performance despite COVID-19. Wipro managed flat profits through a solid cost reduction program. Nearly 93% of employees were enabled to work from home. The rise in EBIT margins should help Wipro bottom out in price terms.