Wipro net profit jumps 32% in Q3

Beating the market expectation, IT services major Wipro on Friday reported a whopping 32% jump in its net profits for the third quarter ended December 31, 2018, at Rs 2,544.5 crore. During the same quarter a year ago, Wipro had reported a net profit of Rs 1,930.1 crore.

On a sequential quarter basis, the Bengaluru-based company reported 56.7% rise in the net profit compared with Rs 1607.4 crore in the September quarter of the current fiscal.

The revenues of the company went up 9.6% year-on-year at Rs 15,059.5 crore compared with Rs 13,669.0 crore in the corresponding quarter last year.

The board of directors of the company has declared an interim dividend of Re per equity share. The dividend payment will be made before February 6, 2019. The company has also announced a bonus issue for the shareholders in the ratio of 1:3 (one share for every three shares held). With this, the company's authorised share capital will go up to Rs 2,526.5 crore from Rs 1,126.5 crore.

Abidali Z. Neemuchwala, CEO and Executive Director said, “Our strategic investments, backed by strong client relationships and client spends towards enterprise modernization and digital transformation have enabled us to deliver a very satisfying quarter.”

The company's shares closed 2.91% up at Rs 346.2 per share on BSE.