New Delhi: IT major Wipro’s stock saw a nearly 3% increase in morning trade on Friday following the company’s announcement of its quarterly results and a share buyback proposal worth Rs 12,000 crore. By 10:30 am, Wipro’s shares were trading at Rs 384.95 on the Bombay Stock Exchange, up by 2.83%. At the time of writing, Sensex was down by 81.3 points or 0.13% at 60,568.08, while Nifty 50 was down 5.80 points or 0.03% at 17,909.25.
Wipro reported that its consolidated revenue from operations increased by 11% YoY to Rs 23,190 crore. However, its net profit fell by 0.4% YoY to Rs 3,074 crore in Q4. Revenue from IT services during the March quarter increased by 4% YoY to $2,823 million.
Wipro’s board approved a share buyback proposal of 26,96,62,921 equity shares for an aggregate amount of Rs 12,000 crore at a price of Rs 445 per share. Thierry Delaporte, Wipro’s CEO and MD, said that the company ended FY23 with the strongest-ever bookings in a year and delivered two consecutive quarters of total bookings worth over $4.1 billion. He also stated that their large deal order booking grew by 155% YoY for the quarter. Delaporte further added that the share buyback is a part of Wipro’s philosophy to provide consistent returns to shareholders.
In conclusion, Wipro’s announcement of its quarterly results and share buyback proposal led to a positive response in the stock market. The company’s revenue from IT services saw growth, and its CEO expressed optimism for the future. The share buyback proposal is expected to provide consistent returns to shareholders and reflects Wipro’s commitment to its investors