IT major Wipro and conglomerate Reliance reported impressive Quarter 1 results today and the Dalal streets look elated. Have a look at the results of Wipro and Reliance.
Wipro reported an EBITDA of 16.8% and revenue of Rs 13,025.6 crore. IT services major Wipro on Thursday reported a fall of a little over 8 percent fall quarter-on-quarter (QoQ) for April-June period at Rs 2,077 crore.
Dollar Revenue
Despite good comprehensive results, the dollar revenue has shrunk. The company reported dollar revenue of USD 1971.7 million, slightly higher than the poll of USD 1,948 million.
Buyback actions
Wipro also approved a buyback offer at Rs 320 per share. A total capital of 343.75 million shares will be bought back by Wipro. Business efficiency has also managed to wipe out extra expenditure on the back of salary hike and impact of India-Rupee change.
Additionally, business efficiency has also managed to wipe out extra expenditure on the back of salary hike and impact of India-Rupee change.
“We delivered revenues above the upper end of the guidance range. Our focus on Digital combined with our investments in client mining have resulted in strong growth in Top accounts,” said Abidali Z. Neemuchwala, Chief Executive Officer and Member of the Board said in a statement.
Wipro closed at Rs 269.00, down Rs 2.25, or 0.83 percent on the bourses. The scrip touched an intraday high of Rs 274.25 and an intraday low of Rs 268.20.
Reliance Industries reported a 28% jump in Q1 net profit
Reliance Industries reported a consolidated profit of Rs 9,108 crore. However, the consolidated revenue declined 2.5 percent to Rs 90,537 crore from Rs 92,889 crore on QoQ basis.
Reliance’s EBITDA stood at Rs 4,031 crore while refining EBITDA stood at Rs 7,476 crore against estimates of Rs 3,600 crore and Rs 6,150 crore, respectively. The market capitalization crossed the massive 5 lakh crore mark on July 17.
The scrip closed at Rs 1,528.70, 0.31% lower on the bourses.
