Analysts in an ET NOW survey had projected the figure at Rs 2,502 crore.
The company’s consolidated revenue decreased marginally 0.07 percent year-on-year to Rs 15,114.50 crore, up from Rs 15,125.60 crore recorded in Q2FY20.
Meanwhile, Wipro’s board also approved a proposal to buy back shares worth up to Rs 9.5 billion to reward stakeholders. The IT company will buy back shares of Rs 23.75 million at Rs 400 per share.
The size of the buyback is 4.16% of the total paid-up share capital.
“Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback,” the company said in a statement.
Thierry Delaporte, CEO and Managing Director said: “We had an excellent quarter with revenue growth, margin expansion and strong cash generation. I am very excited about the opportunities ahead and encouraged by the acceleration in business momentum that we have seen this quarter. Our strategy is to focus on growth in prioritized sectors and markets led by vertical solution offerings ”.
Commenting on the guidance for the third quarter of fiscal 21, the company said that it expects revenue from the IT services business to be in the range of $ 2,022-2,062 million, which translates to sequential growth of 1.5- 3.5 percent.
“It was another quarter of strong performance in margins and cash flows. We improved several operating parameters to deliver a 0.2% to 19.2% margin expansion in the IT services segment. Our free cash flows as a percentage of first half net income were 160.7 percent of net income. The share buyback announcement is part of our philosophy of delivering consistent returns to shareholders, ”said Jatin Dalal, the company’s chief financial officer.
In another update, the company announced that it signed a definitive agreement to acquire Eximius Design, a leading engineering services company with extensive experience in semiconductor, software and systems design.
Eximius provides end-to-end solutions and services to create smarter, smaller and faster connected products for various use cases of IoT, Industry 4.0, Edge Computing, Cloud, 5G and Artificial Intelligence.
The company announced its results after market hours. Previously, the company’s shares closed 0.48 percent at Rs 375.75, while the benchmark BSE Sensex closed 0.08 percent higher at 40,625.
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