Business

Wipro Q3 Net Profit Rises 30%, Announces Bonus Issue, Dividend

PRERNA YADAV | 0
4440
| January 18 , 2019 , 18:11 IST

IT firm Wipro on Friday reported 31.83 percent year-on-year rise in profit at Rs 2,544.50 crore for the quarter ended December 31. The company had posted a profit of Rs 1,930.10 crore in the corresponding quarter last year.

Wipro Ltd. will reward shareholders with one free share for every three they hold in the software services provider.

The board approved the payout worth Rs 301 crore at its meeting to review the third quarter financial results, according to its stock exchange filing. The actual amount will be determined based on the paid-up share capital as on the record date.

Wipro also announced a bonus issue of the same ratio for its American Depository Receipt holders too. The bonus shares are expected to be issued by March 17.

It announced an interim dividend of Rs 1 per equity share on face value of Rs 2 each. The company has fixed January 30, as the record date for the purpose of the dividend. The payment of Interim dividend will be made on or before February 6.

Wipro’s revenue rose 3.4 percent over the previous quarter to Rs 15,059 crore. The growth in revenue was aided by its $1.5-billion deal with U.S.-based Alight Solutions LLC. Its IT services revenue rose nearly 1.8 percent to $2,046.5 million. The company forecasts its fourth-quarter IT services revenue to be in the range of $2,047-2,088 million—a sequential growth of 0-2 percent. That compares with the Street's estimate of 1-3 percent growth.