Wipro results announced the net income 3.4% fall

Today Wipro announces earning results and buyback share values

An India fourth largest IT company Wipro Q2 announced the Finance results and buyback share. Wipro net income 3.4% percent fall the company this year Q2 net income Rs. 2,466 crore but last year compare to this year fall that same last year Rs. 2,553 Crore Net income in the company. The Company announced buyback shares on Rs.9,500 crore.

This Quater revenue 15,096 Crore the increase QoQ 1.2% percent, but this revenue YoY 0.1% percent down.

IT service Segment revenue was at $1,992.4 million an increase of 3.7% percent QoQ

Non-GAAP constant currency IT service segment revenue increase 2.0% percent  by QoQ 

IT Service Margin for the market quarter was at 19.2%, an expansion by of 02% QoQ and YoY 1.1% growth.

Net income for the quarter was 24.7 billion ( 335.3 million) a decrease of 3.4 YoY

Earning per share of the quarter was at Rs 4.33, an increase of 0.7% YoY

Operating cash flow was at Rs 44.1 billion (600.1million), which is on net income 179.0%.

Wipro CEO and Managing Director Thierry Delaporte said We had an excellent quarter with growth in revenues, expansion of margins, and robust cash generation. I am very excited about the opportunities that are ahead of us and encouraged by the acceleration in business momentum we have seen this quarter. Our strategy is to focus on growth in prioritized sectors & market led by vertical solution offerings.

Jatin Dalal, Chief Financial officer said, it was another quarter of strong performance on margins and cash flows. we improved on several operating parameters to deliver margin expansion of 0.2% percent to 19.2% in the IT Services segment. Our free cash flows as a percentage of net income for the first half were at 160.7% of net income. The announcement to buyback equity shares is part of our philosophy to deliver consistent returns to shareholders.

The company outlook for the quarter ended December 31, 2020, We expect revenue from our IT services business to be in the ranges of $2,022 million to $2,062. This translates to a sequential growth of 1.5% to 3.5% percent expected by the company. 

Wipro Board of Directors approved a buyback proposal, the company buying value of Rs.9,500 crore this value of total shares 23.75 Crore or 4.16% percent. This buyback share in Rs.400 per share announcement the company said.

Today Wipro’s current share price Rs.375.95 and market change value on 0.41% percent down.

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