Wipro Q4 net profit rises to Rs 2,484 crore, announces Rs 10,500 crore share buyback

Bengaluru: IT services major Wipro on Tuesday reported 38 percent rise in net profit of Rs 2,484 crore during the fourth quarter (January to March) of 2018-19.

It was Rs 1,803 crore in the same period of previous fiscal.

The jump in FY 19 was led by a strong performance in its banking, financial services, and insurance segment.

The software exporter said revenues in Q4 of FY 19 grossed Rs 15,010 crore, marking an increase of 9 percent in the year-on period.

Abidali Z. Neemuchwala, CEO and Executive Director said: “We have built a strong foundation for growth on the back of healthy order book and continued investments in big bet areas of digital, cybersecurity, engineering services and cloud.”

He said customers find these investments relevant as part of their digital transformation and IT operations landscape modernization, enabling us to win in the market.

For the year ended March 31, 2019, Wipro reported net income of Rs 9,000 crore up 12.4 percent from the previous year. At the same time, gross revenue moved up 7.5 percent to Rs 58,580 crore in 2018-19.

Wipro also announced Rs 10,500 crore share buyback at a price of Rs 325.

“The announcement to buy back equity shares is part of our philosophy to deliver efficient returns to shareholders,” said company’s Chief Financial Officer Jatin Dalal.