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Wipro Q2 profit slips 3.4% to Rs 2,466 crore; approves Rs 9,500 crore buyback plan

NEW DELHI: Software services exporter Wipro on Tuesday reported a 3.4 per cent fall in its consolidated net profit for the second quarter (Q2) ended September 30. The Bengaluru-based company posted Rs 2,466 crore net profit in the period under consideration as against a profit of Rs 2,553 crore posted in the same period last year.
In a regulatory filing, the company also said it has approved a proposal to buyback up to 23,75,00,000 equity shares for an aggregate amount not exceeding Rs 9,500 crore, being 4.16% of the total paid-up equity share capital, at a price of Rs 400 per equity share.
On quarterly basis, Wipro reported a 3.17 per cent rise in its net profit. It had posted a net profit of Rs 2,390 crore in the first quarter (Q1) ended June 30.
Commenting on the results, chief executive officer (CEO) and managing director Thierry Delaporte said: “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. Our strategy is to focus on growth in prioritized sectors and markets led by vertical solution offerings.”
Shares of Wipro finished 0.48 per cent lower at Rs 376 on the BSE. While, it finished 0.61 per cent lower at Rs 375 on NSE.

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