homeearnings NewsWipro net profit up 38.4% to Rs 2,493.9 crore in Q4; board approves Rs 10,500 crore share buyback
Wipro net profit up 38.4% to Rs 2,493.9 crore in Q4; board approves Rs 10,500 crore share buyback
The software major posted 38.4 percent rise in net profit at about Rs 2,494 crore for March 2019 quarter and wooed shareholders with up to Rs 10,500 crore buyback plan, even as it projected a potential fall in IT services revenue for the June quarter.
IT major Wipro on Tuesday reported a 38.4 percent year-on-year (YoY) jump in net profit at Rs 2,493.9 crore for the fourth quarter ended March 2019.
In the corresponding quarter last year, the company posted a net profit of Rs 1,803 crore.
The Wipro board has approved Rs 10,500 crore buyback of 32.31 crore shares at Rs 325 per share.
Bengaluru-based company's revenue from operations in the March quarter increased 8.9 percent to Rs 15,006.3 crore from Rs 13,768.6 crore in the year-ago period.
Abidali Z Neemuchwala, chief executive officer and executive director said, "Our teams have executed well on our strategy which has resulted in consistent improvement of YoY growth each quarter. We have built a strong foundation for growth on the back of healthy order book and continued investments in big bet areas of digital, cybersecurity, engineering services and Cloud."
Shares of Wipro settled at Rs 281.10 apiece, down 2.45 percent on the BSE.
First Published: Apr 16, 2019 4:25 PM IST
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