Wipro Plans Record 150 Billion Rupee Share Buyback
Wipro announced a record 150 billion rupee buyback despite missing revenue targets. The firm cited slower tech spending and expects flat growth next quarter.
The technology giant WIPRO LTD has announced a record-breaking share buyback program valued at 150 billion rupees ($1.61 billion). This strategic initiative follows the release of quarterly financial results that slightly missed analyst expectations, as the India-based firm navigates a pullback in client spending across the energy and banking sectors.
Consolidated sales for the three months ending March 31 rose 7.7% to 242.36 billion rupees ($2.60 billion), falling just short of the 243.63 billion rupees projected by market analysts. Net profit for the quarter also experienced a marginal decline of 1.9%, totaling 35.02 billion rupees. The company’s performance was impacted by a slowdown in key business verticals, with the energy sector declining by 5.9% and the banking vertical—Wipro's largest revenue contributor—slipping by 0.5%.
