Wipro Q4 net profit rises 38%, announces Rs 10,500-crore share buyback

Wipro has largely met the Street estimates on the revenue and profit fronts for the fourth quarter of 2018-19, though the revenue growth reported by the country’s third-largest IT services firm was the lowest among the top three players in the last financial year.

The company, however, gave a tepid outlook for the first quarter of FY20, citing delays in starting out new projects. The firm also announced a mega buyback plan of Rs 10,500 crore at Rs 325 a share, making it the second such repurchase consecutively. The buyback price is 15.4 per cent higher than Tuesday’s closing price on the NSE.

For the fourth quarter of the last fiscal year, Wipro on Tuesday reported a consolidated net profit of Rs 2,483.5 crore, a rise of 37.7 per cent over the year-ago period.