IT services giant Wipro announced that its net profit has increased by 38.4 per cent to Rs 2,493.9 crore in the March 2019 quarter. It also announced a Rs 10,500 crore buyback programme. The Bengaluru-based company had posted a net profit of Rs 1,800.8 crore in the January-March 2018 period, Wipro said in a BSE filing. Its revenue from operations - under IND AS accounting norms - grew 8.9 per cent to Rs 15,006.3 crore in the period under review from Rs 13,768.6 crore in the year-ago period. For the full financial year 2018-19, Wipro's net profit increased by 12.6 per cent to Rs 9,017.9 crore, while revenue from operations was up 7.5 per cent to Rs 58,584.5 crore. The Wipro board has also approved a Rs 10,500 crore buyback plan under which it will buy back up to 32.3 crore shares at Rs 325 apiece, the filing added. 

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Indian IT companies have been returning cash to shareholders in the form of buybacks and dividends for a while now. In 2017 also Wipro announced Rs 11,000 crore share buyback programme for its shareholders. 

Infosys had earlier this year approved Rs 8,260-crore share buyback. TCS, India’s biggest IT services exporter, had also carried out a Rs 16,000 crore share buyback last year.

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Wipro is expecting revenue from its IT Services business to be in the range of $2,046 million to $2,087 million. "This translates into a sequential growth of -1.0% to 1.0% excluding the impact of the divestment of our Workday and Cornerstone On Demand business which was concluded in the quarter ended March 31, 2019," the company said.