IT major Wipro on April 27 reported a marginal year-on-year decline of 0.4% in net profit to ₹3,074.5 crore for the fourth quarter ended March 2023 and announced a share buyback of up to ₹12,000 crore.
The Wipro board approved the buyback of 26.96 crore equity shares at a price of ₹445 apiece.
“Board…of Wipro…has approved a proposal to buyback up to 26,96,62,921 equity shares, being 4.91 per cent 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 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 Tata Consultancy Services (TCS) and Infosys — posted a net profit of ₹3,074.5 crore for the just-ended quarter, against ₹3,087.3 crore in the year-ago period.
The revenue for March 2023 quarter stood at ₹23,190.3 crore, 11.17% higher year-on-year, according to the filing.
For the full FY23, the net profit of ₹11,350 crore was 7.1% lower than the preceding fiscal, while revenue of ₹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.
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