Winning Bizness Desk

Mumbai. IT giant Wipro has announced its Q4FY23 (January-March) results. Apart from the result, the company has also announced a share buyback of 12 thousand crore rupees. The company's consolidated net profit for the quarter fell 0.4% year-on-year (YoY) to Rs 3,075 crore. The company had reported a net profit of Rs 3,087 crore in the same quarter last year. Earlier in the quarter i.e. Q3FY23, Wipro's net profit was Rs 3,053 crore. Accordingly, there has been a slight increase in net profit in the fourth quarter as compared to the third quarter.

To buy back 26.9 crore shares

The board of the company has approved the buyback of the shares through a tender offer of Rs 445 per share. The company will buyback about 26.9 crore shares from shareholders. The company's consolidated revenue from operations rose 11.2% to Rs 23,190 crore in Q4. It was Rs 20,860 crore in the corresponding period of the previous financial year. Earlier in the quarter i.e. Q3FY23, Wipro's revenue was Rs 23,229 crore. Apart from Wipro, Tech Mahindra also announced its fourth quarter results. Tech Mahindra's net profit fell 26% year-on-year (YoY) to Rs 1,118 crore in the quarter. The company had reported a net profit of Rs 1,545 crore in the same quarter last year.