IT services major Wipro today revealed a 12.6 per cent year-on-year bounce in Q1 profit to Rs 2,388 crore (US$ 331.9 million), helped by strong interest from its key financial clients. Wipro said its June quarter consolidated net profit was Rs 2,388 crore (US$ 331.9 million) when contrasted with Rs 2,121 crore (US$ 294.8 million) in the corresponding quarter last year. The market consensus forecast for the quarter was Rs 2,324 crore (US$ 323 million) and in Q1 its revenue grew by 5.3 per cent.
As per Wipro, its June quarter’s combined income stood at Rs 14,716 crore (US$ 2.04 billion) as against Rs 13,978 crore (US$ 1.9 billion) a year ago, an expansion of 5.3 per cent on a year-on-year premise. Wipro shares shut 0.15 per cent lower at Rs 259.70 on the BSE.
Abidali Neemuchwala will be Wipro’s new managing director, from July 31, 2019.
In its third such buyback program, Wipro’s board has already affirmed for a share buyback offer of upto Rs 10,500 crore (US$ 1.4 billion).