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Wipro Q4 net flat at Rs 3000 cr, approves Rs 12,000-cr buyback
India's fourth-biggest software exporter Wipro Thursday missed estimates to report a flat fiscal fourth-quarter net profit while flagging uncertainties in technology spending, but the announcement of its second buyback in as many years at a near-20% maximum premium to the current market price could cushion the anticipated fall in stocks Wipro guided for a revenue drop between 1% and 3% in the April-June quarter, owing to a negative demand outlook. While TCS reported a 0.6% sequential revenue growth in Q4, for Infosys, it was down 3.2% while third largest software major HCLTech posted a 1.2% dip, all on a CC basis. For the full fiscal, Wipro’s net profit stood at 11,350 crore, down 7.7% on year, on revenue of 90,487.6 crore, up 14.4%. “ The company’s (Wipro’s) expected revenue for the first quarter is much below expectation and indicates a tougher business environment over coming quarters,” said Mitul Shah, head of research at Reliance Securities in an analyst note. The IT major closed 55 major deals in FY23. It didn’t give the cumulative value of these deals. Source -https://economictimes.indiatimes.com/markets/stocks/earnings/wipro-q4-net-flat-at-rs-3000-cr-approves-rs-12000-cr-buyback/articleshow/99829055.cms?from=mdr
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