On Tuesday, Wipro Ltd reported a 3.4 percent decrease in net profit for the September-ended quarter at Rs 2,466 crore against Rs 2,553 crore a year ago. Its gross revenue was at Rs 151.1 billion which 1.4 percent higher than the June quarter but a 0.1 percent decrease from September 2019.
The company's revenue from the IT Services segment was $1,992.4 million, an increase of 3.7 percent from the previous quarter.
"We had an excellent quarter with growth in revenues, expansion of margins and robust cash generation. I am very excited about the opportunities that are ahead of us and encouraged by the acceleration in business momentum we have seen this quarter. Our strategy is to focus on growth in prioritized sectors & markets led by vertical solution offerings," said CEO and Managing Director Thierry Delaporte commenting on the results.
Outlook for the current quarter
For the December ended quarter, Wipro said that it expects revenue from our IT Services business to be in the range of $2,022 million to $2,062 million, which translates to a sequential growth of 1.5 percent to 3.5 percent.
Rs 9,500 Crore Buyback Plan
Wipro's Board of Directors approved a buyback proposal, subject to the approval of shareholders, for the purchase of up to 237.5 million equity shares of Rs 2 each (representing 4.16 percent of the total paid-up equity capital) from the shareholders of the company for the price of Rs 400 per equity share for an aggregate amount not exceeding Rs 9,500 crore.
Shares of Wipro Ltd closed 0.61 percent lower at Rs 375.20 on Tuesday, ahead of the results.