• Sun. Jun 4th, 2023

Net profit remains stable at Rs 3,074.5 Crore; announces buyout of Rs 12,000 Crore

Wipro announced its financial results for the fourth quarter of FY23.

Wipro announced its financial results for the fourth quarter of FY23.

Wipro’s Fourth Quarter Results: January to March 2023 Operations Revenue Increases by 11.17% to Rs 23,190.3 crore from Rs 20,860 crore a year ago

IT major Wipro reported a net profit of Rs 3,074.5 crore for the March 2023 quarter on Thursday, almost the same as the Rs 3,087.3 crore posted in the corresponding period last year. Its operating revenue from January to March 2023, however, increased by 11.17% to Rs 23,190.3 crore from Rs 20,860 crore a year ago. The net profit is attributable to the shareholders of the company.

The company’s total expenditure in the fourth quarter of FY23 was Rs 19,531.6 crore, higher than Rs 17,457.1 crore a year ago, according to a filing from the BSE.

The Rs 1 interim dividend declared by the board of directors at its meetings held on January 13, 2023 will be considered as the final dividend for the financial year 2022-23, the company said.

Wipro has also announced a share buyback of up to Rs 12,000 crore. “The Board of Directors has approved a repurchase proposal, subject to shareholder approval by postal vote, for the purchase by the Company of up to 269,662,921 equity shares at Rs 2 each (i.e. 4 .91% of the total paid-up equity shares) from the shareholders of the company on a proportionate basis by means of a tender offer at a price of 445 rupees ($5.411) per share for an aggregate amount not to exceed 120 billion rupees ($1.5 billion),” he said.

On the outlook, Wipro expects revenue from its IT services business segment, including India State Run Enterprise (ISRE), to be between $2,753 million and $2,811 million in the June quarter. 2023. This translates to sequential forecasts of -3.0% to -1.0% in constant currencies.

Company IT services revenue increased to $2,823.0 million in the fourth quarter of FY23, an increase of 0.7% quarter-over-quarter and 3.7% year-over-year annual.

Earnings per share for Wipro for the March 2023 quarter amounted to Rs 5.61 ($0.071), an increase of 0.7% quarter-on-quarter and a decrease of 0.5% year-on-year.

Wipro’s voluntary attrition in the March 2023 quarter decreased by 330 basis points from the prior quarter, reaching 14.1% on an annualized quarterly basis and 19.2% on a year-over-year basis.

As of March 31, 2023, the company’s total workforce stood at 2,56,921 employees.

Thierry Delaporte, CEO and Managing Director of Wipro, said, “We closed FY23 with the highest bookings ever in a year. We delivered two consecutive quarters of total bookings of over $4.1 billion. Our large order bookings increased 155% year over year for the quarter. We are also pleased to announce our share buyback, which is consistent with our philosophy of delivering consistent returns to shareholders. »

He added that compared to just a few years ago, we are seeing a visible change in our trading structure and market position. “We are winning major transformation contracts, taking advantage of a consolidating market and deepening our relationships with existing customers.”

Jatin Dalal, Chief Financial Officer of Wipro, said, “We continue to focus on operational improvements and productivity enhancements, which led to our IT services margin exit of 16.3% in the fourth quarter. despite macro headwinds. We generated strong operating cash flow at 121% of our net income for the quarter. »

Shares of Wipro on Thursday fell slightly by Rs 0.15 or 0.04% to close at Rs 374.35 each on BSE.

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