Wipro's Q4FY23 results: Wipro's net profit down to Rs 3,075 crore, Tech Mahindra's profit down 27%

IT giant Wipro has announced the results of Q4FY23 i.e. the fourth quarter (January-March) on Thursday (April 27). Apart from the result, the company has also announced a share buyback of Rs 12,000 crore. The company's consolidated net profit for the quarter declined 0.4% year-on-year (YoY) to Rs 3,075 crore.
The company registered a net profit of Rs 3,087 crore in the same quarter last year. In the previous quarter i.e. Q3FY23, Wipro had a net profit of Rs 3,053 crore. Accordingly, there has been a slight increase in net profit in the fourth quarter as compared to the third quarter.
The company's board has approved the buyback of shares through a tender offer of Rs 445 per share. The company will buy back about 26.9 crore shares from shareholders.
The company's consolidated revenue from operations in Q4 grew by 11.2% to Rs 23,190 crore. It was Rs 20,860 crore in the same period of the last financial year. In the previous quarter i.e. Q3FY23, Wipro's revenue was Rs 23,229 crore.
Apart from Wipro, Tech Mahindra also announced its fourth-quarter results. Tech Mahindra's net profit for the quarter declined 26% year-on-year (YoY) to Rs 1,118 crore. The company registered a net profit of Rs 1,545 crore in the same quarter last year.
Tech Mahindra's revenue from operations in Q4 grew by 19.4% to Rs 53,290 crore. The company has also declared a dividend of Rs 32 per share of face value of Rs 5.