Wipro has clocked in its highest margin in over five years
- Wipro reported the best margins in over five years, led by an improved revenue growth trajectory.
- It also signed its first billion-dollar deal under Thierry Delaporte, its new chief executive officer.
- The company also reported over 4% growth across five of its business sectors.
- Shares of the company surged by over 23% in the December quarter.
The IT services giant has maintained its dollar revenue growth guidance for the March quarter in the range of 1.5-3.5%.
“Wipro has delivered a second consecutive quarter of strong performance on order booking, revenue and margins. Five of our sectors grew over 4% sequentially. We closed our largest ever deal win in Continental Europe,” said Thierry Delaporte, CEO and Managing Director, Wipro.
Wipro’s strong performance in the December quarter had an impact on its share price as well. The company’s share price has rallied by over 23% in the quarter. As of market closing on January 13, its share price gained 47% since the beginning of the December quarter.
Most recently, Wipro announced a share buyback plan at ₹400 a piece, with a total outlay of ₹9,500 crore.
It also signed a $700-million deal with Metro AG, a German food services company, to take over its IT operations for five years. The deal has the potential to go up to $1 billion if extended by another four years.
Infosys reports record $7.13 billion deal wins — raises revenue guidance after its best December quarter in eight years
Wipro share buyback offer – should you sell your shares? Here’s what analysts are saying
Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today