Wipro Q2 Profit Down 3.4%; Approves Buyback Of Up To $1.3 Bln Of Shares

(RTTNews) - India-based software services company Wipro Ltd. (WIT) reported that its profit attributable to equity holders of the company for the second-quarter ended September 30, 2020 was 24.7 billion Indian rupees or $335.3 million, a decrease of 3.4% from last year. Earnings per share for the quarter was 4.33 rupees or $0.06, an increase of 0.7% from the prior year.

Gross revenue was 151.1 billion rupees or $2.1 billion, a decrease of 0.1% from the prior year.

Looking ahead for the third-quarter ending December 31, 2020, the company expects revenue from its IT Services business to be in the range of $2.022 billion to $2.062 billion, representing a sequential growth of 1.5% to 3.5%.

Wipro's board has approved a buyback proposal for purchase of up to 237.5 million equity shares from the shareholders of the company for the price of 400 rupees per equity share or $5.4 per share for an aggregate amount not exceeding 95 billion rupees or $1.3 billion.