Wipro announces ₹9,500 crore buyback plan at ₹400 per share,Profit Rises 3% In September Quarter
Published On: Tuesday, October 13, 2020 | By: Team KnowMyStock
Wipro, the fourth largest Bangalore based IT services company in India, has reported a 3.2 per cent sequential growth in consolidated profit for the quarter ended September 2020, and also announced a share buyback of Rs 9,500 crore. Consolidated profit increased to Rs 2,465.7 crore for the quarter, compared to Rs 2,390.4 crore in the previous quarter. Wipro's gross revenue rose 1.4 per cent sequentially to ₹ 15,110 crores and revenue from IT services increased 3.7 per cent to $1,992.4 million. Wipro will buy back 23.75 crore shares or 4.16 per cent of the total paid-up capital. at ₹ 400 per equity share, the company said in a press release. The record date of the said buyback was not fixed. Wipro also announced that the company entered into a definitive agreement to acquire Eximius Design India private Limited, an engineering services company with expertise in semiconductor, software and systems design for a total consideration of about ₹100 crores.
"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," Thierry Delaporte, CEO and Managing Director said in a statement.
Wipro expects revenue from IT services business to be in the range of $2,022 million to $2,062 million, which translates to a sequential growth of 1.5-3.5 percent, which was much better than the analysts' estimatesof 0-2 percent.
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