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Wipro announces Rs.11,000 crore share buy back

IT Major Wipro Technologies has announced a major share buy back of Rs.11,000 crores. The company posted a 1.2 per cent rise in its consolidated net profit at Rs 2,076.7 crore for the April-June quarter. It has a net profit of Rs.2,052 crores for the same period, a year ago. 

“We delivered revenues above the upper-end of the guidance range. Our focus on digital, combined with our investments in client mining, has resulted in strong growth in top accounts,” Wipro CEO Abidali Z Neemuchwala said.

Wipro CFO Jatin Dalal said that strong business efficiencies had worked to offset the operating margins on account of rupee appreciation and salary increases.

“We continue to sustain robust cash generation,” he said. Adding to it, he also also said the announcement to buyback equity shares is part of Wipro’s philosophy to “deliver efficient returns to shareholders”

Wipro added 1,309 (gross) employees, taking its total headcount to 166,790 people.

Wipro, during the quarter ended June 30, 2017, allotted bonus equity shares – one bonus share for every one share held – to its shareholders in similar lines to Reliance Industries which has also allotted one share for each share held by its shareholders.

The company’s revenue from IT products during the quarter was Rs 630 crore ($98 million),  which is an increase of 7 per cent year-on-year.

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