Wipro approves share buyback of Rs 10,500 crore, Q4 net profit surges 38 per cent

Software major Wipro on Tuesday reported a 38 per cent year-on-year rise in its net profit and also announced a Rs 10,500 crore share buyback. 

Published: 17th April 2019 09:48 AM  |   Last Updated: 17th April 2019 09:48 AM   |  A+A-

Wipro Company

Wipro Company | File Photo

By Express News Service

NEW DELHI/BENGALURU: Software major Wipro on Tuesday reported a 38 per cent year-on-year rise in its net profit and also announced a Rs 10,500 crore share buyback. 
Net profit of the company rose to Rs 2,484 crore in the March quarter of FY19, from Rs 1,803 crore a year ago, helped by a robust performance from its banking, financial services and insurance segments. The BFSI vertical, which is about 31 per cent of its total revenue, stood at around Rs 4,604.3 crore.

Revenue from its mainstay IT services business grew 11.1 per cent, driving the company’s consolidated revenue to Rs 15,038 crore from Rs 13,824 crore last year. “We have built a strong foundation for growth on the back of a healthy order book and continued investments in big bet areas of digital, cybersecurity, cloud and engineering services,” said Abidali Z Neemuchwala, CEO, Wipro.

The board also announced Rs 10,500 crore share buyback at a price of Rs 325. While the firm announced its financial results post market hours, the stock price earlier in the day fell after the company confirmed that a few of its employee accounts were affected in an “advanced phishing campaign”. On BSE, Wipro’s share price settled at Rs 281.10, down 2.45 per cent.

Wipro said it has hired an independent forensic firm to assist with investigation into the hacking. “We promptly began an investigation, identified the affected users and took remedial steps to contain and mitigate any potential impact. We have also retained an independent forensic firm to assist us as we continue to monitor our enterprise and infrastructure at a heightened level of alertness,” Wipro stated. 

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