Bengaluru-based IT major Wipro on Tuesday announced a share buyback plan worth ₹ 9,500 crore. Wipro will buy back 23.75 crore shares at ₹ 400 per equity share, the company said in a press release. Wipro’s buyback price was at a premium of 6.45 per cent to today’s closing price of ₹ 375.75. The company also reported a 1.4 per cent sequential increase in gross revenue to ₹ 15,110 crore in the quarter ended September 2020.
In dollar terms, Wipro said, its revenues from IT services increased 3.7 per cent to $1,992.4 million.
Net profit during the period came in at ₹ 2,466 crore in the July-September period, up 3.2 per cent compared to the previous quarter.
Wipro’s IT services operating margin expanded 200 basis points to 10.2 per cent.
“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,” Wipro CEO and managing director Thierry Delaporte said in a statement.