Wipro board to meet on April 27 to discuss share buyback proposal

In its previous December quarter, Wipro had posted 2.8 percent jump in its consolidated net profit.

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IT services major Wipro Ltd said its board will meet on April 27 to consider a proposal to buyback equity shares.

“The Board of Directors of the company will be considering a proposal to buyback equity shares of the company and the matters necessary and incidental thereto… at its meeting scheduled to be held over April 26 -27, 2023,” the Bengaluru-headquartered firm said in a filing with the stock exchanges.

The outcome of the meeting will be communicated soon after its conclusion on April 27. The IT major is also scheduled to announce its financial results for the quarter ended March 31, on the same day.

Reacting to the share buyback proposal, shares of the technology company rose 1.3 percent on the NSE to Rs 372.90.

Share repurchase, also known as share buyback or stock buyback, is the re-acquisition by a company of its own shares. It represents an alternate and more flexible way of returning money to shareholders. When used in coordination with increased corporate leverage, buybacks can increase share prices.

In its previous December quarter, Wipro had posted 2.8 percent jump in its consolidated net profit. The company’s net profit came in at Rs 3,053 crore as compared to a profit of Rs 2,969 crore in same period a year ago. Its revenue jumped 14.3 percent to Rs 23,229 crore in Q3FY23.

Meanwhile, rivals TCS and Infosys reported below estimates Q4 results setting a subdued tone for Q4 show by the IT pack. While experts anticipate one or two choppy quarters ahead for the industry, they are hopeful of subsequent recovery.

While TCS reported a 14.8 percent year-on-year (YoY) increase in consolidated net profit at Rs 11,392 crore for the quarter ended March 31, 2023, which was below expectations in a seasonally-week quarter, Infosys’ latest report card was a disappointment on several fronts — the company missed revenue guidance for FY23 hit by unplanned project ramp downs and decision-making delays by some clients.