Wipro Q1 Profit Rises; Board Approves $1.7 Bln Share Buyback - Quick Facts

(RTTNews) - India-based software services company Wipro Ltd. (WIT) reported that its first-quarter net profit attributable to equityholders of the company increased 1.2 percent to 20.77 billion Indian rupees or $321 million from 20.52 billion rupees in the year-ago period. Earnings per share were 4.28 rupees or $0.07, compared to 4.16 rupees last year.

IT Services Segment Profits fell 5.8 percent to 21.9 billion rupees or $339 million and IT Services Margins declined to 16.8 percent from 17.8 percent last year.

Gross revenues for the quarter were 136.26 billion rupees or $2.11 billion, up from 135.99 billion rupees a year ago.

IT Services segment revenue was $1.97 billion, a year-over-year increase of 2.1 percent. Non-GAAP constant currency IT Services Segment Revenue in dollar terms grew 3.4 percent from last year.

Wipro's board has approved a share buyback proposal of 110,000 million rupees, or $1.7 billion, at a buyback price of 320 rupees, or $4.95 per equity share.

Looking ahead to the second quarter, the company expects revenues from IT Services business to be in the range of $1.962 billion to $2.001 billion.