Wipro Reports Marginal Drop in Q4 Profits, Approves Buyback at Rs 445 per Share

Wipro Limited, a leading global information technology company, recently released its financial results for the fourth quarter ended March 31, 2022. The company's consolidated net profit fell marginally to Rs 3,074 crore, down from Rs 3,142 crore in the same period last year.

Here are some key highlights from Wipro's Q4 results:

• Consolidated revenue for the quarter was Rs 17,955 crore, an increase of 9.4% year-on-year.
• The company's IT services segment revenue grew 12.3% year-on-year to Rs 16,445 crore.
• Wipro's board of directors approved a buyback proposal of up to 23.75 crore equity shares, or 4.16% of its total paid-up equity share capital, at a price of Rs 445 per share.
• The company's cash and cash equivalents, including investments in debt instruments, stood at Rs 26,915 crore as of March 31, 2022.

Wipro's Chief Executive Officer, Thierry Delaporte, stated that the company delivered a strong quarter, driven by the growth in its key markets, digital and cloud services, and client wins. He also highlighted Wipro's focus on sustainable business practices, such as the company's commitment to achieving net-zero greenhouse gas emissions by 2040.

Despite the slight decline in net profit, Wipro's revenue growth and board-approved buyback proposal demonstrate the company's commitment to its shareholders and future growth opportunities.