Wipro will buy back 23.75 crore shares at Rs 400 per share

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(Commercial Representative) Mumbai, Ta. 13 October 2020, Tuesday

IT-software services giant Wipro Ltd has approved a buyback of up to 2.5 crore shares worth Rs 500 crore at a price of Rs 200 per share in an azureboard meeting. The company's compensation is 3.15% of the share capital.

Wipro Limited has announced the expected results for the second quarter ended September 30, 2020. On a consolidated basis, the company's net profit rose three per cent to Rs 4.5 crore from Rs 30.5 crore in the first quarter. This is a decrease of 6.5 per cent over the same period last year.

Consolidated revenue rose 1.4 per cent to Rs 12,08.5 crore. Revenue from the company's IT services segment rose 2.3 per cent to ૯૯ 127 million. IT services revenue rose 1.6 per cent to Rs 12,9.1 crore.

Wipro CEO and Managing Director Thierry Delaport said the company has seen good revenue growth, as well as increased margins. The company sees good opportunities going forward and business growth is also expected to be good this quarter. The company's revenue from the IT services business is projected to grow by 1.5 to 7.5 per cent to લર 203.8 million to ૬ 203.8 million in the second quarter.

The company has seen a 0.2 per cent increase in margins in the IT services segment, improving performance in many operating metrics. Jatin Dalal, chief financial officer of the company, said the company had a free cash flow of 120.5 per cent of net income in the first half of the year.

Meanwhile, Wipro has acquired Eximus Design for લાખ 500 million and the deal will be completed in the third quarter. Meanwhile, Wipro has added 15,000 new employees quarterly, including 3,000 freshers. With this, at the end of September 2020, the number of employees in the company has increased to 1,7,8.


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