Wipro posts profit of Rs 2,465.60 in Q2 FY2021, approves share buy-back worth Rs 9,500 crore

Wipro on Tuesday posted a consolidated profit of Rs 2,465.60 crore for the September quarter, a rise of 3% Q-o-Q. It had posted a profit of Rs 2,390.20 crore in the previous quarter. The Earnings per share (EPS) increased by 3.1% to Rs 4.33 in the quarter.

Wipro on Tuesday posted a consolidated profit of Rs 2,465.60 crore for the September quarter, a rise of 3% Q-o-Q. It had posted a profit of Rs 2,390.20 crore in the previous quarter. The Earnings per share (EPS) increased by 3.1% to Rs 4.33 in the quarter.

The one of the largest IT companies in the country posted a consolidated revenue of Rs 15,145.50 crore. It recorded an operating profit of 19.2%. The IT services segment witnessed a 3.7% quarter-on-quarter growth in dollar revenue at $1,992.4 million in Q2.

The company in its BSE regulatory filing stated that it expects the revenue from IT Services business to be in the range of $2,022 million to $2,062 million by December 31, 2020.

“We had an excellent quarter with growth in revenues, expansion of margins and robust cash generation. I am very excited about the opportunities that are ahead of us and encouraged by the acceleration in business momentum we have seen this quarter,” Thierry Delaporte, CEO and Managing Director said.

“We improved on several operating parameters to deliver margin expansion of 0.2 percent in the IT Services segment. Free cash flows as a percentage of net income for the first half was at 160.7 percent of net income,” Jatin Dalal, Chief Financial Officer said.

The Board also approved a proposal to buyback 23,75,00,000 equity shares of the Company for an aggregate amount not exceeding Rs. 95,00,00,00,000/- (Rupees Nine Thousand Five Hundred Crores only), being 4.16% of the total paid-up equity share capital, at a price of Rs. 400 per equity share.

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