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On Tuesday, the Wipro Board approved up to Rs 9,500 crore buyback plan at Rs 400 per share.

The Board of Directors approved a buyback proposal, subject to the approval of shareholders through postal ballot, for purchase by the company of up to 237.5 million equity shares of ₹2 each (representing 4.16% of total paid up equity capital) from the shareholders of the company on a proportionate basis by way of a tender offer. The buyback price is ₹400 ($5.41) per equity share payable in cash for an aggregate amount not exceeding ₹95 billion ($1.3 billion).

The IT giant announced it quarter ending September results on Tuesday. Wipro's Q2 consolidated net profit slipped 3.4% to Rs 2,465.7 crore and its revenue was nearly flat at Rs 15,114.5 crore over year-ago period.

Highlights of the Results

Results for the Quarter ended September 30, 2020:

⮚ Gross Revenue was ₹151.1 billion ($2.1 billion1), an increase of 1.4% QoQ and a decrease of 0.1% YoY

⮚ IT Services Segment Revenue was at $1,992.4 million, an increase of 3.7% QoQ

⮚ Non-GAAP2 constant currency IT Services Segment Revenue increased by 2.0% QoQ

⮚ IT Services Operating Margin3 for the quarter was at 19.2%, an expansion of 0.2% QoQ and 1.1%YoY

⮚ Net Income for the quarter was ₹24.7 billion ($335.3 million1), a decrease of 3.4% YoY

⮚ Earnings Per Share for the quarter was at ₹4.33 ($0.061), an increase of 0.7% YoY

⮚ Operating Cash Flow was at ₹44.1 billion ($600.1 million1), which is 179.0% of Net Income

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