Wipro Q4 results: IT major's PAT of Rs 3,074.5 crore misses analysts' estimates; board announces Rs 12,000 crore buyback
Wipro Q4 results: Wipro's board announced a share buyback worth up to Rs 12,000 crore. Wipro shares ended flat at Rs 374.4 apiece on BSE ahead of the announcements.
Wipro on Thursday reported a net profit of Rs 3,074.5 crore for the quarter ended March, an increase of 0.7 per cent compared with the previous three months — in line with analysts' estimates.
Revenue at the Bengaluru-based IT major slipped 0.2 per cent sequentially to Rs 23,190.3 crore, according to a regulatory filing.
The IT major announced a buyback worth up to Rs 12,000 crore. Wipro shares ended flat at Rs 374.4 apiece on BSE ahead of the announcements.
India vs Australia LIVE Score, 2nd ODI Match Updates: 1-0 up Team India eye unassailable lead against Aussies in Indore
Asian Games 2023 Opening Ceremony Live Streaming: When and where to watch Asian Games live in India on TV, online mobile apps
India is the most expensive stock market in the world, says V K Vijayakumar of Geojit Financial Services
Wipro Q4 results: Profit meets Street expectations
According to Zee Business research, Wipro's quarterly net profit was estimated at Rs 3,120 crore and revenue at Rs 23,550 crore.
“We closed FY23 with the strongest ever bookings recorded in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large deal order booking grew by 155 per cent year-over-year for the quarter. We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders," said Thierry Delaporte, CEO and Managing Director, Wipro.
The IT services provider said its total bookings grew 29 per cent.
“Compared to just a few years ago, we are seeing a visible change in the structure of our deals and our market position. We are winning large transformation deals, benefitting from a consolidating market, and deepening relationships with existing clients," Delaporte added.
Wipro's said the buyback, subject to shareholders' approval, will be through the tender route. At Thursday's level, the buyback is priced at a premium of 18.9 per cent over the market price. Read more on Wipro buyback
Wipro's margin — a measure of a business's profitability — remained unchanged sequentially at 16.3 per cent for the January-March period.
Wipro said it expects IT services revenue for the quarter ending June 2023 to be in the range of $2,753-2,811 million. That translates to sequential contraction to the tune of 1-3 per cent in constant currency terms.
Voluntary attrition at the company eased to 19.2 per cent on a trailing-twelve months (TTM) basis, from 21.2 per cent the previous quarter, according to a company statement. The company's total headcount came in at 2,56,921, as against 2,58,744 the previous quarter.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
India vs Australia Free Live Streaming: When and How to watch IND VS AUS 2nd ODI Series live on TV, mobile apps online