Wipro Q4 net profit misses estimates; board approves buyback

Wipro Ltd , India's third-largest software services exporter, posted a 1.6% fall in net profit for its fourth-fiscal quarter, missing analysts' expectations.

Wipro results follow estimate-beating earnings by larger rivals Tata Consultancy Services Ltd and Infosys Ltd .

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The Bengaluru-based company reported a consolidated net profit of 22.35 billion rupees ($337.6 million) for the Jan-March period, compared to 22.72 billion rupees a year earlier.

Analyst on average were expecting the company to report 23.43 billion rupees in profit for the three-month period, according to Thomson Reuters data.

The company separately approved a share buyback for 25 billion rupees.