Wipro Q3 net up 32% at Rs2,544 cr; announces bonus issue

Wipro Ltd, India’s third-largest information technology solutions provider, has reported a 32 per cent year-on-year increase in its fiscal third quarter net profit at Rs2,544.5 crore, against a net profit of Rs1,930.1 crore in the comparable quarter of the previous year.

Net profit rose 34.9 per cent on a sequential basis in the October-December period, India’s third-largest software services provider said in an exchange filing. 
The spike in profit may also be attributed to a low base owing to a one-time settlement with one of its key clients in the September quarter, Wipro said.
Wipro’s revenue for the quarter ended 31 December 2018 rose 9.6 per cent year-on-year to Rs15,059.5 crore compared with Rs13,669.0 crore in the corresponding quarter last year. 
The growth in revenue was aided by its $1.5-billion deal with US-based Alight Solutions LLC. 
The board of directors of the company has recommended an interim dividend of Re 1 per equity share. The dividend will be paid before 6 February 2019. 
The company has also announced a bonus issue in the ratio of 1:3 (one share for every three shares held). With this, the company's authorised share capital will go up to Rs2,526.5 crore from Rs1,126.5 crore. 
“Our strategic investments, backed by strong relationships and client spends towards enterprise modernization and digital transformation have enabled us to deliver a very satisfying quarter,” Abidali Z Neemuchwala, CEO and executive director, said.
The company's shares closed 2.91 per cent higher at Rs346.2 per share on the Bombay Stock exchange (BSE).