Nifty IT slides 1.44 % as Q2 results hit stocks; Wipro, Infosys, Tech Mahindra lead decline
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The Nifty IT index declined by 1.44%, as IT heavyweights declared their Q2 results for the current financial year.
Leading the fall was Wipro, which dipped sharply by 4.57% in the first hour of Friday's trade, trading at ₹242.20 apiece. Wipro recorded positive Q2FY2026 results, with profit increasing by 1.2% to ₹3,246.2 crore from Q2FY2025’s ₹3,208.8 crore. Total revenue grew by 1.8% to ₹22,697.3 crore, while IT services revenue also rose by 2% to ₹22,640.5 crore.
Mphasis followed, declining 2.57%, and Coforge by 2.16%.
Infosys, which also reported better-than-expected Q2 results, was down 1.80%. The IT reported a 13% year-on-year (YoY) increase in its net profit at ₹7,364 crore for the July-October quarter of FY2025-26. The IT behemoth's revenue surged 9% to ₹44,490 crore for the said quarter. In constant currency, Infosys delivered $5,076 million in Q2 revenues, year-on-year growth of 2.9% and sequential growth of 2.2%. Its operating margin for Q2 stood at 21%, while free cash flow generation was recorded at $1.1 billion, 131.1% of net profit.
Tech Mahindra fell by 1.21%, and the IT company has already announced its Q2 results, where revenue grew by 5.1% on a YoY basis, to ₹13,994.9 crore from ₹13,313.2 crore. But profit fell 4.4%, from ₹1,250.1 crore in Q2FY2025 to ₹1,194.5 crore in the quarter under review.
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Persistent Systems was also in the red, even though it recorded a strong Q2 performance, reporting a profit surge of 45.1% to ₹471.5 crore from Rs 325 crore in last year's second quarter. Even revenue rose 23.6% to Rs 3,580.7 crore vs ₹2,897.2 crore.
TCS, HCL Technologies and OFSS were down by under a per cent as well. Meanwhile, the only IT stock to buck the trend was LT Mindtree, which was up by 0.60%.