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Thursday , 23 November 2017
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Wipro reports marginal growth in Net Profits

Wipro announced bonus issue and also may likely to go for a buyback. TCS and Infosys has already announced large buybacks in order to make their investors reap good returns. The decision was announced yesterday when the company announced its quarterly results ending March 2017. The bonus issue is expected to be done in the next two months in order to encourage small investors, enhancing liquidity and expanding retail shareholder base. The news comes at a time when most of the IT major are facing a dull and uncertain environment with the latest visa curbs introduced by the U.S.

Wipro registered a marginal rise in the consolidated profit at Rs 2,267 crore for the fourth quarter ended March 2017. The total income rose over by 5 per cent to Rs 15,033.8 crore in the said quarter, compared to the year-ago. Wipro expects revenues from its IT services which is it’s core business to be in the range of $1,915-1,955 million for the April-June 2017 quarter.

However for the year 2016-17, Wipro’s profit fell nearly 5 per cent to Rs 8,518 crore while total income grew 7.4 per cent to Rs 57,995 crore compared to the previous fiscal.

“The guidance that we give at the beginning of the quarter is what we see. We have had certain project cancellations in our healthcare business which will have impact in Q1 (first quarter),” Wipro CFO Jatin Dalal said.

 

The results were announced after the close of trading hours. Shares of the company closed marginally up at Rs 494.55 on the BSE.

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