IT main Wipro on Thursday reported a marginal year-on-year decline of 0.4 per cent in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023 and introduced a share buyback of up to Rs 12,000 crore.
Photograph: Abhishek N Chinnappa/Reuters
The Wipro board accepted the buyback of 26.96 crore fairness shares at a value of Rs 445 apiece.
“Board…of Wipro…has accepted a proposal to buyback up to 26,96,62,921 fairness shares, being 4.91 per cent of the full paid-up fairness shares of the corporate, for an mixture quantity not exceeding Rs 120,00,00,00,000 at a value of Rs 445…per fairness share,” the corporate stated a regulatory submitting.
Members of the promoter and promoter group of the corporate have indicated their intention to take part within the proposed buyback, it added.
Bengaluru-headquartered Wipro – which competes within the IT providers house with bigger rivals like Tata Consultancy Services (TCS) and Infosys – posted a net profit of Rs 3,074.5 crore for the just-ended quarter, towards Rs 3,087.3 crore within the year-ago interval.
The income for March 2023 quarter stood at Rs 23,190.3 crore, 11.17 per cent larger year-on-year, in accordance to the submitting.
For the total FY23, the net profit of Rs 11,350 crore was 7.1 per cent decrease than the previous fiscal, whereas income of Rs 90,487.6 crore was 14.4 per cent larger.
“We count on income from our IT Services enterprise together with India State Run Enterprise (ISRE) phase to be within the vary of $2,753 million to $2,811 million.
This interprets to sequential steerage of -3.0 per cent to -1.0 per cent in fixed forex phrases,” a press release stated.
