Wipro Ltd, India’s third-largest software services exporter, has reported a 38 per cent increase in its fourth-quarter net profit, on the back of a strong performance from its banking, financial services and insurance segment.
Wipro's net profit rose to Rs2,484 crore in the three months ended 31 March 2019 against Rs1,803 crore reported in the similar quarter of the previous financial year. Revenue from IT services business grew 11.1 per cent to Rs15,038 crore from Rs13,824 crore last year.
In dollar terms, Wipro’s IT services revenue rose to $2,075.5 million, a growth of 1.4 per cent sequentially with an operating margin of 19 per cent for the quarter.
Bengaluru-based Wipro also announced a Rs10,500 crore share buyback at a price of Rs325, against the ruling prices of Rs281 per share, after the stock closed 2.5 per cent lower ahead of the earnings announcement.
Wipro had, in 2017, announced a Rs11,000 crore share buyback programme as part of its policy to return surplus cash to shareholders and supporting share price.
Wipro expects revenue from its IT services business to be in the range of $2,046 million to $2,087 million. "This translates into a sequential growth of -1.0 per cent to 1.0 per cent excluding the impact of the divestment of our Workday and Cornerstone On Demand business which was concluded in the quarter ended March 31, 2019," the company said.