Wipro approved buyback up to Rs9500 crores.

Wipro approved buyback up to Rs9500 crores.

Wipro has announced its buyback plan up to Rs 9500 crore at Rs 400 per share. This is 6.4% premium as per the current markets amounting Rs 375.5 on Bombay stock exchange. The operating margin for IT services in September was 19.2 percent against 18.1 percent a year earlier, and during the quarter, the Bengaluru-based business added 97 new customers. Company recorded 36% growth in the quarter 2 of financial year 19 but a drop of 3% this year due to Covid-19.

Net profit of the company for the second quarter is reported as Rs 2470 crores, which is dropped by 3.4% in comparison to last year. Gross revenue is declared as Rs 15,110 crore.

“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 & markets led by vertical solution offerings,”

Thierry Delaporte, Wipro’s CEO and managing director .

Details about the company.

It is an Indian multinational company providing services of information technology, consulting and business process services. It was founded in the year 1945 in Amalner Maharashtra. It’s former name is “Western India Palm Refined Oil Limited” later renamed by Mohamed Azim Premji. It’s headquarter is in Bangalore.

Subsidiaries of the company

Western India Products Limited and Wipro GE Medical Systems are two of it’s subsidiaries.

Western India Products Limited

Company is an IT services supplier, including Systems Integration, Consultancy, Outsourcing of Information Systems, IT enabled services, and R&D services. Company joined the technology industry in 1981 and has more than 160,000 employees and customers in 110 countries. For the year ended 31 March 2015, IT sales were $7.1 billion, with a repeat business ratio of over 95 percent.

Wipro GE Medical Systems

The joint venture of Wipro and GE Healthcare South Asia is Wipro GE Medical Systems Limited. It is engaged in healthcare product research and development. This relationship, which started in 1990,today provides diagnostics, healthcare IT and services gadgets and equipment to help healthcare professionals fight cancer , heart disease, and other illnesses. Six Sigma quality standards are fully adhered to in all products.

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