You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Wipro advances after Q1 results

Business Finance

Capital Market 

Wipro rose 2.23% to Rs 265.50 at 9:32 IST on BSE after consolidated net profit fell 3.86% to Rs 2,387.60 crore on a 1.93% fall in net sales to Rs 14716.10 crore in Q1 June 2019 over Q4 March 2019.

The announcement was made after market hours yesterday, 17 July 2019.

Meanwhile, S&P BSE Sensex was down 113.33 points or 0.29% at 39,102.31.

On BSE, 1.48 lakh shares were traded in Wipro counter, compared to a 2-week average of 1.92 lakh shares. The share price hit an intraday high of Rs 268.15 and an intraday low of Rs 258. It hit a 52-week high of Rs 301.55 on 14 June 2019 and a 52-week low of Rs 197.93 on 23 July 2018.

Wipro's IT services segment revenue was $2,038.8 million in Q1 June 2019, an adjusted increase of 4.3% year-on-year (YoY). IT services operating margin for the quarter was at 18.4%, an increase of 0.8% YoY.

Wipro expects revenue from IT services business to be in the range of $2,039 million to $2,080 million. This translates to a sequential growth of 0.0% to 2.0%.

Abidali Z. Neemuchwala, CEO and executive director said, "Our efforts on client mining have resulted in an addition of three customers in more than $100 million bucket. We will continue to build differentiated capabilities to drive business transformation for our customers by investing in our big bets."

Jatin Dalal, chief financial officer said, "We delivered IT services margins of 18.4% and Free Cash Flows of 98.8% of our Net Income. We had a slower start to the year, we however remain focused on our operations and continue to invest in talent and capabilities for the future."

The IT major said it will complete its previously announced its Rs 10,500 crore buyback proposal of up to 32.31 crore equity shares at Rs 325 each after receiving approval from market regulator Sebi.

Wipro is a global information technology, consulting and business process services company.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, July 18 2019. 09:52 IST