Wipro Announces Record Share Buyback Amid Quarterly Revenue Miss
India's Wipro Ltd has announced a record share buyback program worth up to 150 billion rupees ($1.61 billion) following a slight miss in quarterly revenue expectations. For the three months ended March 31, consolidated sales rose 7.7 percent to 242.36 billion rupees, falling short of the analyst estimate of 243.63 billion rupees. Net profit also declined by 1.9 percent to 35.02 billion rupees. The revenue shortfall was primarily driven by reduced technology spending in the energy and banking sectors, alongside slowed business from key client Estee Lauder, which appointed Accenture as an additional vendor. Geopolitical uncertainties stemming from the Middle East conflict and hesitation surrounding artificial intelligence adoption further dampened client investment. Consequently, Wipro forecasted flat to slightly declining revenue for the current quarter. Despite these challenges, total deal wins increased to $3.5 billion. This strategic buyback aims bolster investor confidence despite the mixed financial performance and broader macroeconomic headwinds affecting the global IT services industry.
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Wipro Announces Record Share Buyback Amid Quarterly Revenue Miss
India's Wipro Ltd has announced a record share buyback program worth up to 150 billion rupees ($1.61 billion) following a slight miss in quarterly revenue expectations. For the three months ended March 31, consolidated sales rose 7.7 percent to 242.36 billion rupees, falling short of the analyst estimate of 243.63 billion rupees. Net profit also declined by 1.9 percent to 35.02 billion rupees. The revenue shortfall was primarily driven by reduced technology spending in the energy and banking sectors, alongside slowed business from key client Estee Lauder, which appointed Accenture as an additional vendor. Geopolitical uncertainties stemming from the Middle East conflict and hesitation surrounding artificial intelligence adoption further dampened client investment. Consequently, Wipro forecasted flat to slightly declining revenue for the current quarter. Despite these challenges, total deal wins increased to $3.5 billion. This strategic buyback aims bolster investor confidence despite the mixed financial performance and broader macroeconomic headwinds affecting the global IT services industry.
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