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Wipro shares gain over 1% post as company posts 38.4% rise in net profit for March 2019 quarter

New Delhi: Shares of Wipro rose over 1 percent Thursday after the company posted 38.4 percent rise in net profit for March 2019 quarter and wooed shareholders with up to Rs 10,500 crore buyback plan.

The scrip gained 1.32 percent to close at Rs 284.80 on the BSE. During the day, it rose by 3 percent to Rs 289.65.

On the NSE, shares closed at Rs 284.55, higher 1.2 percent.

In terms of traded volume, 25.06 lakh shares of the company were traded on the BSE and over two crore units on the NSE during the day.

 Wipro shares gain over 1% post as company posts 38.4% rise in net profit for March 2019 quarter

Representational image. Reuters

Stock markets were closed Wednesday on account of “Mahavir Jayanti”.

Software major Wipro Tuesday posted 38.4 percent rise in net profit at about Rs 2,494 crore for March 2019 quarter and wooed shareholders with up to Rs 10,500 crore buyback plan, even as it projected a potential fall in IT services revenue for the June quarter.

The Bengaluru-based company said its revenue from operations - under IND AS accounting norms - grew 8.9 percent to Rs 15,006.3 crore in the period under review from Rs 13,768.6 crore in the year-ago period. Its net profit stood at Rs 1,800.8 crore in the January-March 2018 period.

IT services segment revenue - which accounts for a bulk of Wipro's topline - rose 1.4 percent sequentially to $2,075.5 million in March quarter, meeting its guidance of 0-2 percent growth.

However, for the June 2019 quarter, Wipro has forecast its IT services revenue to be between $2,046-2,087 million.

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Updated Date: Apr 18, 2019 19:15:50 IST