Wipro beats Street in June quarter, announces Rs 11,000-cr buyback

Net Income for the quarter was Rs 2,080 crore, an increase of 1.2% YoY

Wipro, India’s third-largest IT services firm, posted a 1.2 per cent rise in first-quarter consolidated profit at Rs 2,076.7 crore helped by higher revenue from banking, financial services and insurance segment.

The IT major reported a slight increase in gross revenues at Rs 13,630 crore ($2.1 billion), an increase of 0.2 per cent year-on-year (YoY), while releasing the result for the April-June quarter.

While announcing the results, Wipro also announced a Rs 11,000-crore share buyback, where the IT major would buy 34.3 crore shares for Rs 320 apiece.

According to a press release by the IT major, IT services segment revenues in dollar