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Profit up 31.8%, Wipro offers 1:3 bonus share

Wipro's revenue from operations expanded 10.17 per cent to Rs 15,059.5 crore during the period under review from Rs 13,669 crore in Q3 of FY2017-18

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IT services major Wipro posted a 31.8 per cent bump in its consolidated net profit at Rs 2,544.5 crore on Friday for October-December 2018 compared to the same period the year before.

Wipro's board has also approved an issue of bonus shares — offering one bonus share for every three held by shareholders, a regulatory filing said.

The net profit in the October-December 2017 quarter was at Rs 1,930.1 crore.

Wipro's revenue from operations expanded 10.17 per cent to Rs 15,059.5 crore during the period under review from Rs 13,669 crore in Q3 of FY2017-18.

"Our strategic investments, backed by strong client relationships and client spends towards enterprise modernisation and digital transformation have enabled us to deliver a very satisfying quarter," Wipro CEO Abidali Z Neemuchwala said.

The record date for reckoning eligible shareholders (including ADS holders) entitled to receive bonus shares will be communicated later, it added.

Wipro had announced a bonus issue of 1:1 in April 2017.

The company's IT services segment revenue, which accounts for a bulk of its topline, was at $2,046.5 million (around Rs 14,555 crore), up 1.8 per cent sequentially.

Wipro expects its IT services business revenue to be in the range of $2,047 million to $2,088 million for the March quarter, which translates into flat to 2 per cent growth sequentially.

"Issue of bonus equity shares in the proportion of 1 :3, that is one bonus equity share of Rs 2 each for every three fully paid-up equity shares held... subject to approval of the members of the company," the BSE filing said.

The Bengaluru-based company has announced an interim dividend of Re 1 per equity share with January 30, 2019 as the record date, it added.

With inputs from PTI

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