Wipro Q4 profit dips to Rs 3,074 cr, okays Rs 12,000-cr share buyback

New Delhi, April 27

IT major Wipro on Thursday reported a marginal year-on-year decline of 0.4% in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023 and announced a share buyback of up to Rs 12,000 crore. The Wipro Board approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece.

Revenue up 11.17% year-on-year

• The company approved the buyback of 26.96 crore equity shares at a price of Rs 445 apiece
• Revenue for March quarter stood at Rs 23,190.3 crore, 11.17% higher year-on-year
• For the full FY23, the net profit of Rs 11,350 crore was 7.1% lower than the preceding fiscal

“Board…of Wipro…has approved a proposal to buy back up to 26,96,62,921 equity shares, being 4.91% of the total paid-up equity shares of the company, for an aggregate amount not exceeding Rs 120,00,00,00,000 at a price of Rs 445… per equity share,” the company said in a regulatory filing.

Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, it added.

Bengaluru-headquartered Wipro — which competes in the IT services space with larger rivals like TCS and Infosys — posted a net profit of Rs 3,074.5 crore for the just-ended quarter, against Rs 3,087.3 crore in the year-ago period. The revenue for March 2023 quarter stood at Rs 23,190.3 crore, 11.17% higher year-on-year, according to the filing.

For the full FY23, the net profit of Rs 11,350 crore was 7.1% lower than the preceding fiscal, while revenue of Rs 90,487.6 crore was 14.4% higher.

“We expect revenue from our IT Services business, including India State Run Enterprise (ISRE) segment, to be in the range of $2,753 million to $2,811 million. This translates to sequential guidance of -3.0% to -1.0% in constant currency terms,” a statement said.