Wipro To Buy Back Rs 9,500-Crore Shares, September Quarter Profit Up Three%

Wipro Announces Share Buyback Of Rs 9,500 Crore, Profit Rises 3% In September Quarter

Bengaluru-based IT main Wipro on Tuesday introduced a share buyback plan price Rs 9,500 crore. Wipro will purchase again 23.75 crore shares at Rs 400 per fairness share, the corporate mentioned in a press launch. Wipro’s buyback worth was at a premium of 6.45 per cent to right this moment’s closing worth of Rs 375.75. The firm additionally reported a 1.four per cent sequential improve in gross income to Rs 15,110 crore within the quarter ended September 2020.

In greenback phrases, Wipro mentioned, its revenues from IT providers elevated Three.7 per cent to $1,992.four million.

Net revenue throughout the interval got here in at Rs 2,466 crore within the July-September interval, up Three.2 per cent in comparison with the earlier quarter. 

Wipro’s IT providers working margin expanded 200 foundation factors to 10.2 per cent.

“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,” Wipro CEO and managing director Thierry Delaporte mentioned in an announcement.

“Our strategy is to focus on growth in prioritized sectors & markets led by vertical solution offerings,” he added. 

The firm has guided for income from IT providers to be in vary of $2,022 million to $2,062 million, translating right into a sequential progress of 1.5-Three.5 per cent for the December quarter.

Meanwhile, Wipro mentioned it has signed a definitive settlement to accumulate Eximius Design, a number one engineering providers firm with robust experience in semiconductor, software program and programs design.

Eximius offers end-to-end options and providers for constructing smarter, smaller and sooner related merchandise to be used in loT (Internet of Things), Industry four.zero, Edge Computing, Cloud, 5G and Artificial lntelligence, the corporate mentioned in a press launch.

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