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IT services major, Wipro's net profit rose 12.6 per cent to Rs 2,388 crore for the first quarter on a year on year basis. Revenues grew 5.3 per cent to Rs 14,716 crore for the same period. Wipro has also given guidance of a sequential growth of 0 per cent to 2 per cent for the IT services business which will be in the range of $2.03 billion and $2.08 billion.
Jatin Dalal, Chief Financial Officer said, “we delivered IT Services margins of 18.4 per cent and free cash flows of 98.8 per cent of our net income. We had a slower start to the year, we however remain focused on our operations and continue to invest in talent and capabilities for the future.” Abidali Z. Neemuchwala, CEO and Executive Director said, “Our efforts on client mining have resulted in an addition of three customers in more than $100 million bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets.”
Buyback
The Company had previously announced a buyback proposal for purchase of up to 323.1 million equity shares of Rs 2 each from the shareholders on a proportionate basis by way of a tender offer at a price of Rs 325 per equity share payable in cash for an aggregate amount not exceeding Rs 10,500 crore. After receipt of shareholders’ approval, the company has filed the draft letter of offer for the buyback with SEBI. Upon receipt of approval from SEBI, the buyback process will be completed.
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