Wipro board has also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share.
Wipro board also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share. (Photo: Reuters)
Wipro reported 0.04 per cent quarter-on-quarter rise in its consolidated net profit figures at Rs 2235 crore for the quarter ended March 2016.
The company reported net profit of Rs 2,234.10 crore in the sequential quarter ended December 2015. Consolidated net profit of the IT major fell 1.63 per cent on year-on-year basis.
Net sales of Wipro jumped 6.1 per cent yoy to Rs 13741.70 crore.
The Wipro board also approved a proposal to buyback up to 4 crore equity shares of the company for an aggregate amount not exceeding Rs 2,500 crore at Rs 625 per equity share.
The board has determined that the record date for the proposed buyback is May 6, 2016.
Wipro also declared final dividend of Rs 1 ($0.02) per equity share and ADR (50 per cent on an equity share of par value of Rs 2).
For the financial year ended March 2016, Wipro reported a consolidated net profit of Rs 8,892.20 crore, up 2.76 per cent, against Rs 8,652.80 crore a year ago.
Jatin Dalal, chief financial officer, Wipro, in a release said, “We have maintained our margins in the quarter, with benefits from utilisation and operational efficiencies largely off-setting the margin impact from our inorganic investments. We continue to generate robust cash flows during the year. The move to buyback equity shares is part of the company’s policy to provide regular, stable and consistent return to investors while striving to enhance long-term value for all stakeholders.”
The company expects revenues from its IT Services business to be in the range of $1,901 million to $1,939 million in the first quarter of 2016-17.
The IT Services segment had a headcount of 1,72,912 as of March 31, 2016. It added 119 new customers during the quarter under review including the customers of cellent and HealthPlan Services.
The share price of Wipro closed 2.07 per cent up at Rs 601.35 on Wednesday.
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