Wipro Q2 net profit dips 3.4% to Rs 2,465 crore; announces Rs 9,500 crore buyback plan

IT services major Wipro on Tuesday posted 3.4 per cent decline in consolidated net profit to Rs 2,465.7 crore for the quarter ended September 30, and said its Board has approved up to Rs 9,500 crore buyback plan.

The Bengaluru-based company, which had registered a net profit (attributable to equity holders of the company) at Rs 2,552.7 crore in the year-ago period, has priced the buyback programme at Rs 400 per share.

Wipro’s revenue for the September quarter was nearly flat at Rs 15,114.5 crore.

In a regulatory filing, Wipro said its Board has approved a buyback proposal, subject to shareholders approval through postal ballot, for purchase of up to 23.75 crore equity shares at Rs 400 per share that aggregates up to Rs 9,500 crore.