IT services provider Wipro Ltd on Thursday reported a 0.4 per cent fall in its net profit in the quarter ending March 31 as compared to the same period last year. The company's net profit during Q4FY23 was Rs 3,074.5 crore.
The profits fell amid a turbulent macro-economic environment. The IT major also approved a share buyback for 2.69 crore shares at Rs 445 per share.
The firm's IT Services operating margin for the quarter was at 16.3 per cent, flat as compared to Q3FY23.
The gross revenue of the Bengaluru-based company fell 0.2 per cent QoQ during the quarter. However, it was up 11.7 per cent YoY.
Jatin Dalal, chief financial officer, said, "We continue to maintain our focus on operational improvements and productivity enhancements which led to our IT services margin exit at 16.3 per cent in Q4 despite macro headwinds. We generated strong operating cash flows at 121% of our net income for the quarter."