Wipro said its board of directors have approved buyback of equity shares, subject to the approval of shareholders, for purchase by the company of up to 269,662,921 shares of face value Rs 2 each. 
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Wipro said its board of directors have approved buyback of equity shares, subject to the approval of shareholders, for purchase by the company of up to 269,662,921 shares of face value Rs 2 each. IT major Wipro on Thursday reported a 0.4 per cent year-on-year (YoY) fall in consolidated net profit at Rs 3,074.50 crore for the March compared with Rs 3,087.30 crore in the same quarter last year. Consolidated revenue for the quarter rose 11.17 per cent to Rs 23,190.30 crore compared with Rs 20,860 crore in the year-ago quarter.IT Services operating margin for the quarter came in at 16.3 per cent, flat sequentially.
Dollar revenue for the quarter came in at $2,823 million. IT services reported a 0.6 per cent degrowth (up 6.5 per cent YoY) in revenues in constant currency terms. Margin stood at 17 per cent in the year-ago quarter.
Wipro said its total bookings were up 29 per cent for the quarter while its large deal bookings were up 155 per cent YoY.
Voluntary attrition decreased 330 basis points from the previous quarter, landing at 14.1 per cent on a quarterly annualised basis and at 19.2 per cent on a trailing twelve months basis.
Q1 revenue guidance
Wipro said it expects revenue from its IT Services business including India State Run Enterprise (ISRE) segment to be in the range of $2,753 million to $2,811 million This translates to sequential guidance of minus 3 per cent to 1 per cent in constant currency terms.
What the Wipro management says
CEO and Managing Director Thierry Delaporte said his company closed FY23 with the strongest ever bookings recorded in a year. He said Wipro delivered two consecutive quarters of total bookings of over $4.1 billion.
"Our large deal order booking grew by 155% year-over-year for the quarter. We are also pleased to announce our share buyback, which is part of our philosophy to deliver consistent returns to shareholders. Compared to just a few years ago, we are seeing a visible change in the structure of our deals and our market position. We are winning large transformation deals, benefitting from a consolidating market, and deepening relationships with existing clients,” he isasaid.
Delaporte said his company has built a strong foundation to sustain through this period of increased uncertainty.
Share buyback
Wipro said its board of directors have approved buyback of equity shares, subject to the approval of shareholders, for purchase by the company of up to 269,662,921 shares of face value Rs 2 each.
This would be 4.91 per cent of total number of equity shares. Wipro said it would buyback shares from the shareholders of the company on a proportionate basis by way of a tender offer at a price of Rs 445 per equity shares, amounting to Rs 12,000 crore.
The process, record date, timelines and other details will be communicated in the public announcement, Wipro said, adding that the letter of offer will be published in accordance with the Buyback Regulations.
Geographies, verticals
Here's how various geographies and verticals performed for Wipro:
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