Wipro Q4 Net Profit Misses Estimates; Board Approves Buyback

The Bengaluru-based company reported a consolidated net profit of 22.35 billion rupees.

Published: 20th April 2016 05:26 PM  |   Last Updated: 20th April 2016 05:28 PM   |  A+A-


Abidali Neemuchwala, Wipro's chief executive, leaves after attending a briefing to announce the company's quarterly results. | File/Reuters

MUMBAI: Wipro Ltd <WIPR.NS>, India's third-largest software services exporter, posted a 1.6 percent fall in net profit for its fourth-fiscal quarter, missing analysts' expectations.

Wipro results follow estimate-beating earnings by larger rivals Tata Consultancy Services Ltd <TCS.NS> and Infosys Ltd <INFY.NS>.

The Bengaluru-based company reported a consolidated net profit of 22.35 billion rupees ($337.6 million) for the Jan-March period, compared to 22.72 billion rupees a year earlier.

Analyst on average were expecting the company to report 23.43 billion rupees in profit for the three-month period, according to Thomson Reuters data.

The company separately approved a share buyback for 25 billion rupees.

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