New Delhi: IT major Wipro on Thursday reported a marginal decline of 0.4 per cent in net profit at Rs 3,074.5 crore for the fourth quarter ended March 2023 and announced share buyback of up to Rs 12,000 crore. Wipro board approved buyback of 26.96 crore equity shares at a price of Rs 445 per share.
“The Board of…Wipro has approved the proposal for buyback of up to 26,96,62,921 equity shares, constituting 4.91 per cent of the total paid-up equity shares of the company, for an aggregate amount not exceeding Rs 120 each.” ,00,00,00,000 at a price of Rs 445…per equity share,” the company said in a regulatory filing.
The promoters and members of the promoter group of the company have indicated their intention to participate in the proposed buyback. Bengaluru-headquartered Wipro, which competes in the IT services sector with big rivals such as Tata Consultancy Services (TCS) and Infosys, reported a net profit of Rs 3,074.5 crore for the recently ended quarter, as against Rs 3,087.3 crore in a year-ago period. It was Rs. , As per the filing, revenue for the March 2023 quarter stood at Rs 23,190.3 crore, up 11.17 per cent year-on-year.
For the full FY23, net profit at Rs 11,350 crore was down 7.1 per cent over the previous fiscal, while revenue at Rs 90,487.6 crore was up 14.4 per cent.
“We expect revenue from our IT services business, including the India State Run Enterprise (ISRE) segment, to be in the range of USD 2,753 million to USD 2,811 million. This translates into sequential guidance of -3.0 per cent to -1.0 per cent in constant currency conditions,” it said in a statement.