Wipro Q4 net up 38% to Rs 2,494 cr; Rs 10,500 cr buyback plan announced
IT services giant Wipro announced that its net profit has increased by 38.4 per cent to Rs 2,493.9 crore in the March 2019 quarter.
IT services giant Wipro announced that its net profit has increased by 38.4 per cent to Rs 2,493.9 crore in the March 2019 quarter. It also announced a Rs 10,500 crore buyback programme. The Bengaluru-based company had posted a net profit of Rs 1,800.8 crore in the January-March 2018 period, Wipro said in a BSE filing. Its revenue from operations - under IND AS accounting norms - grew 8.9 per cent to Rs 15,006.3 crore in the period under review from Rs 13,768.6 crore in the year-ago period. For the full financial year 2018-19, Wipro's net profit increased by 12.6 per cent to Rs 9,017.9 crore, while revenue from operations was up 7.5 per cent to Rs 58,584.5 crore. The Wipro board has also approved a Rs 10,500 crore buyback plan under which it will buy back up to 32.3 crore shares at Rs 325 apiece, the filing added.
Indian IT companies have been returning cash to shareholders in the form of buybacks and dividends for a while now. In 2017 also Wipro announced Rs 11,000 crore share buyback programme for its shareholders.
Infosys had earlier this year approved Rs 8,260-crore share buyback. TCS, India’s biggest IT services exporter, had also carried out a Rs 16,000 crore share buyback last year.
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Wipro is expecting revenue from its IT Services business to be in the range of $2,046 million to $2,087 million. "This translates into a sequential growth of -1.0% to 1.0% excluding the impact of the divestment of our Workday and Cornerstone On Demand business which was concluded in the quarter ended March 31, 2019," the company said.
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