Page 106 - It Services News Today

IT major Wipro on Thursday reported a marginal year-on-year decline of 0.4 per cent in net profit to Rs 3,074.5 crore for the fourth quarter ended March 2023 and announced a share buyback of up to Rs 12,000 crore.

Reports marginal year-on-year decline of 0.4 per cent

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Wipro Limited NYSE WIT BSE 507685 NSE WIPRO a leading technology services and consulting company announced financial results under International Financial Reporting Standards IFRS for the quarter and year ended March 31 2023.

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Wipro announced financial results under International Financial Reporting Standards (IFRS) for the quarter and year ended March 31, 2023.

New legal considerations and contractual requirements for IT service providers to banks and financial institutions in India. IT service providers to be under additional level of compliance, audit and oversight, data storage norms and cyber security incident reporting.

Stock prices of Tech Mahindra and Wipro will react to the Q4 earnings on Friday. Apart from results, other key factors to dictate these IT stocks performance would be Wipros ₹12,000 crore buyback announcement and Tech Mahindras final dividend for FY23.

In an interview, Sudhir Singh, Coforge chief executive, spoke about why revenue growth projection is significantly lower for FY24, what the company is doing to expand gross margins, hiring plans, and why he feels that generative AI is still an uncertain hype cycle.

Wipro said its IT services revenue growth in the current quarter could be as low as 0.6 percent as clients cut down on IT spending.