IT services exporter Wipro on Thursday reported a consolidated net profit of Rs 2,082 crore and a revenue of Rs 13,626 crore in the April-June quarter. Though these figures are 8% and 2.6% lower than those from the January-March quarter, Wipro’s profit and revenue beat analysts’ estimates, NDTV reported.
Financial services firm Morgan Stanley had estimated Wipro’s net profit at Rs 1,992 crore for the first quarter of 2017-18.
Wipro on Thursday also announced a buyback of shares worth Rs 11,000 crore, with each share priced at Rs 320. The board of directors has approved a buyback proposal to purchase 3,437 lakh shares, reported The Economic Times.
This will be the IT major’s second buyback in two years.