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Thursday, October 22, 2020

Wipro Q2 profit slips 3.4% to Rs 2,466 crore; approves Rs 9,500 crore buyback plan – Times of India

NEW DELHI: Software services exporter Wipro on Tuesday reported a 3.4 per cent fall in its consolidated net profit for the second quarter (Q2) ended September 30. While, the board of the company approved a shares buyback plan worth Rs 9,500 crore.
The Bengaluru-based posted Rs 2,466 crore net profit in the period under consideration. It had posted a profit of Rs 2,390 crore in the previous quarter.
In a regulatory filing, the company said it has approved a proposal to buyback up to 23,75,00,000 equity shares for an aggregate amount not exceeding Rs 9,500 crore, being 4.16% of the total paid-up equity share capital, at a price of Rs 400 per equity share.
Commenting on the results, chief financial officer (CFO) Jatin Dalal said: “It was another quarter of strong performance on margins and cash flows. We improved on several operating parameters to deliver margin expansion of 0.2% to 19.2% in the IT Services segment. The announcement to buyback equity shares is part of our philosophy to deliver consistent returns to shareholders.”
Shares of Wipro finished 0.48 per cent lower at Rs 376 on the BSE.

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